This cycle’s biggest problem in crypto isn’t the drawdown.

It’s the slow disappearance of liquidity.
Low volatility kills speculation.
No speculation means less volume.
Less volume makes markets even more fragile.
Most altcoins survive on momentum, not cash flow. And when order books get thin, even a single whale sell can trigger cascading liquidations across CEXs.
You can already see it happening in 2026:
random 5–10% wicks with no news, followed by instant dead sideways price action.
A lot of smaller projects probably won’t make it to the next cycle.
Not because exchanges delist them — but because they simply run out of oxygen.