Real Vision's chief cryptocurrency analyst Jamie Coutts stated that based on chart data, altcoins have been in a structural bear market since 2021. This is a slow and painful repricing process that an entire asset class is undergoing.

Market breadth has been continuously shrinking for years, with fewer and fewer assets truly driving the market, and the vast majority of projects quietly bleeding out. If a public blockchain or an application does not have real adoption and usage demand, it will struggle to survive. Incentives will gradually fade, narratives will constantly rotate, supply pressure will continue to be released, and liquidity will keep concentrating.

This is the inevitable result as the market matures:

The strong grow exponentially

The weak continue to decline

Leading projects become increasingly powerful

Everything else will ultimately become noise.