CryptoQuant’s latest warning lands in a market that is already struggling to keep its footing. Bitcoin (BTC) is trading around $67,518, Ethereum (ETH) around $2,066, the global crypto market cap is near $2.41 trillion, and Bitcoin dominance sits at about 56%. CoinMarketCap’s Altcoin Season Index is reading 47 out of 100, which is basically neutral and not the kind of backdrop that usually fuels a broad altcoin rally.

The core message from CryptoQuant is hard to ignore. The firm says more than 40% of altcoins are now either at all-time lows or dangerously close to them, which is even worse than the previous bear market peak of roughly 38%. That comparison matters because it suggests the current altcoin slump is not just another…