$BTC

Who can tell me, what exactly is the reason that in just three months, altcoins have dropped to prices even lower than during the previous bear market? When Ethereum was at 1500, the prices of altcoins were at least twice as high as they are now. If we say there's insufficient liquidity, it wasn't like this during the interest rate hike period two years ago. Moreover, Tether has issued several hundred billion USDT, which is double what it was in the last bull market, enough to fuel a raging bull market. If we say there are more cryptocurrencies than in the last bull market, there were also plenty of tokens on-chain in the last bull market. Only those listed on exchanges have liquidity; Ouyi has only about 300 tokens, Binance has about 1300, and many of these are duplicates. What exactly is the reason for this? Is this going to be a feast?