Current market sentiment feels quite different from what we saw back in 2019. Right now, altcoins are getting hammered pretty hard—most of them trading significantly lower. Yet here's the interesting part: many projects have actually made real progress on their fundamentals. The disconnect is striking. In most market cycles, you'd expect better fundamentals to move the needle on price action, but lately sentiment and actual on-chain development have barely even correlated. It's a puzzling dynamic playing out.