The current cryptocurrency market is in a state of extreme agony, with the entire altcoin market barely surviving—unable to form an effective decline to completely clear the bubble, yet lacking enough buying support to initiate a new round of increases. This suffocating sideways pattern is truly tormenting people every day!
Ethereum's weak rebound precisely highlights the core issue—the price has not yet dropped to a sufficiently severe level, and the leverage positions of whales and old OGs have not yet been fully liquidated, still some distance from the real chip concentration zone. If it can drop quickly to $800, it would create stronger rebound momentum. But the reality is that the market is fumbling around at this awkward position, neither able to drop nor rise, exhausting the patience of all participants.
Those projects that have already fallen by 90% still maintain market values of hundreds of millions or even billions of dollars. This distorted valuation system indicates that the market has not yet completed a real bubble clearing. The speed of new coin listings is averaging one per week, meaning the market must bear at least $1 billion in new selling pressure each month. One must ask, in the current liquidity environment, who will take this up?
Especially for those once 'king-level' projects—OP, ARB, STRK, ZK, and other Layer 2 stars, which have now plummeted to worthless. 95% of altcoins will ultimately fade to zero and be delisted over time. The operational rules of the market are very clear: altcoins are only suitable for buying the ups, not the downs, and for playing the new, not the old. Most projects experience a pump when they launch, followed by a long unloading phase.
The recent large-scale delisting of tokens by exchanges also confirms this point. The tokens that have been delisted are often those for which the project team has already sold all their chips, and the so-called DAO governance has devolved into a zombie organization with no operation. Those tokens with weak trading volumes that have been placed in observation zones are actually giving holders a last chance to escape—'Do not say you were not warned.'
In such a market environment, investors are actually looking forward to a complete black swan event, which would allow the altcoin market to complete its final drop. The current market situation has become so boring that people are even too lazy to open exchanges; the so-called gain rankings are merely those tokens that have already dropped 90% making another wave of enticing rebounds, only to continue unloading. The entire market seems to have entered a state of brain death, urgently needing a thorough clearing for rebirth.
The most ironic aspect of this market is that everyone knows where the problem lies, everyone is looking forward to a thorough decline, yet everyone is suffering in the process. Perhaps only when the last leverage is liquidated and the last stubborn bull accepts their losses and leaves, can the market truly welcome a turning point.
