$SOL Ethereum is tumbling from its exalted position as the "king of public chains," while altcoins are caught in a relentless death spiral. Even as Ethereum’s inverse ETF soars by 247% to lead the US ETF rankings, the alluring promise of short-selling masks a grimmer narrative. With Ethereum’s share of the overall market cap dropping to a historic low, trust in the altcoin market is collapsing. Behind the scenes, secretive alliances between project teams and market makers—and the startling reality of new coins plunging 90% immediately upon listing—reveal a profound power vacuum that is consuming the last remnants of investor confidence.