Seeing a lot of people calling this a bear market because 40% of altcoins are at all-time lows, but I’m not fully convinced that tells the whole story.

From what I’ve been reading, this is actually higher than the last cycle’s peak (~38%), but the difference now seems to be how fragmented everything is. There are just too many tokens competing for the same liquidity, so most of them never get enough attention or volume to move.

Feels like a lot of weak projects are just getting wiped out, while bigger ecosystems like ETH are still holding up thanks to actual usage and demand.

Kind of reminds me of how previous cycles cleaned out the noise before things picked up again.

Curious how others see it — is this really a bear market, or more of a rotation where capital is just concentrating?