Altcoins have endured a prolonged structural decline since the peak of the 2021 bull cycle. While Bitcoin has managed to preserve portions of its macro uptrend, most alternative tokens have printed persistent lower highs and lower lows across multiple timeframes. For many projects, what began as a cyclical correction has evolved into a multi-year erosion of capital, liquidity, and investor confidence.

Recent data shared by analyst Darkfost underscores the severity of the situation: approximately 38% of altcoins are now trading near their all-time lows. This figure exceeds the stress levels observed in the immediate aftermath of the FTX collapse, highlighting that the current weakness is not merely episodic but systemic.

The broader macro…