Analysis: The crypto market needs to undergo a major cleanup of "shitcoins" before Bitcoin can initiate a sustainable bull market.

Odaily Planet Daily News: Cryptocurrency market analyst and founder of Into The Cryptoverse, Ben Cowen, stated that the crypto market is experiencing a “mass delisting wave” of millions of altcoins, and this process is a necessary condition for Bitcoin to enter a sustainable bull market cycle. Since 2021, the “garbage coin cleanup” has actually begun, but a larger-scale purge is still needed to restore a healthy market structure. He believes that funds are continuously flowing from high-risk tokens to Bitcoin, and the rising dominance of BTC is a clear signal.

Data shows that the number of tokens deployed tracked by GeckoTerminal has exceeded 25 million, with over 11.6 million projects failing in 2025 alone, mainly due to the burst of the meme coin bubble. CoinShares researcher Luke Nolan said, “95% of tokens are worthless,” which is a reasonable statement.

Although Bitcoin has currently rebounded above $81,000, Ben Cowen remains cautious, believing that BTC is still in a bear market phase, and warns that if it cannot effectively hold the key resistance level of around $88,880, the price could retrace to the $58,000 to $62,000 range. Against the backdrop of the Federal Reserve delaying interest rate cuts and ongoing geopolitical risks, the short-term crypto market still faces pressure, and “2026 is more like a reset year than a year to hit new highs.” (CoinDesk)