Altcoins are in a really rough spot right now.

If you zoom out, almost everything is beaten down only a tiny number of altcoins are even holding above their long-term averages. That usually happens when people are tired, frustrated, and stepping away.

Since October, a lot of money has left the altcoin market. It didn’t rotate into other alts it just left. People went defensive, reduced risk, or moved to the sidelines.

This doesn’t feel like “we’re late to altseason.”
It feels like capitulation.
That doesn’t mean prices suddenly pump tomorrow. These phases can drag on longer than anyone expects. But historically, when participation dries up this much, it’s usually closer to opportunity than euphoria.

Quiet, boring, and painful markets are often where the next moves begin not when everyone is excited.