#ETH走势分析 recently spent two whole days going through the annual performance of dozens of trending sectors and hundreds of tokens on the market. After seeing the results, I got chills down my spine.

Counting from the market peak in December 2024 to December 2025—a full year—aside from a few leading projects with strong narratives and highly cohesive communities, over 90% of altcoins have dropped to levels that are hard to even look at. A 3-5x drop? That’s already considered “outstandingly resilient.”

What’s more common? Directly halved, then halved again; 7x, 10x drops are everywhere. Hold for a year, and your principal gets slashed bit by bit—you don’t even dare to open the chart.

Many people will say it’s all because of the Black Swan crash on October 11. But if you zoom out and review the entire year’s trend, you’ll discover an even scarier fact:

The total decline for the whole year is almost equivalent to a 365-day slow-motion crash.

It wasn’t a single day’s flash crash, but a prolonged bleed and slow sinking. By the time you realize it, your losses have already swallowed up most of your position. That feeling is even more hopeless than being liquidated in an instant.

So here’s the question: Where did the money go? Who took the liquidity?

The answer is cruel but clear—the market didn’t actually collapse; the capital is just undergoing a massive reallocation.

Those tokens with no real use case, lacking community support, and driven purely by hype are being systematically abandoned. Meanwhile, top assets with solid fundamentals and clear narratives are quietly absorbing liquidity.

Some people have been trapped at the peak for a year, while others quietly accumulate at the bottom; some cling to their fantasies and hold to the end, while others have long switched tracks and are riding new trends.

Altcoins aren’t untouchable. But the times have changed. Projects with no story, no consensus, and no solid foundation are the obvious targets for harvesting in this cycle.

This year’s crash, at its core, is a systematic filter. The market is telling you in the most direct way: the real winners aren’t gamblers, but those who know when to exit and when to go all in.