Today, over 40% of altcoins have reached their all-time lows or are dangerously close to them. This even surpasses the peak during the last bear market, which was around 38%.

Today, more than 47 million cryptocurrencies have been created in total, including 22 million on Solana, over 18 million on Base, and 4 million on BNB Smart Chain. Such a large number of cryptocurrencies directly leads to liquidity dilution, making altcoins increasingly fragile over time. This helps explain why the indicators we see now are hitting all-time lows. It's not that the junk coins didn't have a bull run; there are just too many coins, and liquidity has been diluted.