#AltcoinETFsPostponed What can be called the reasons:

Due to the emergence of numerous niche projects and meme coins, capital is dispersed across a wide selection of assets, and most altcoins do not receive enough "fuel" for significant growth.

These same shitcoins may not fall to zero, and liquidity is essentially locked forever in micro-capitalizations of ~$10–100k, consequently the overall market liquidity is less concentrated in large altcoins compared to previous cycles.

Essentially, all free capital has absorbed the meme sector and then did not allow for a chance to exit assets with an 80% correction.