TOTAL3's current view is quite "unpleasant" but if you look closely, this structure is not like the previous cycle.

Sub-accounts are still losing, but the main issue is that the market has never had a clear macro explosion.

In the previous cycle, altcoins experienced a very strong surge before dropping deep and entering a prolonged accumulation phase. This time, the price only touched a major resistance area and was rejected, with no sufficiently strong breakout to confirm a complete bullish cycle.

Therefore, although many are still incurring losses, the actual level of damage is not as "devastating" as after a true cycle peak.

A market that fails before it has a chance to explode typically does not need to drop as deeply as a market that has gone through full hype.

This does not mean altcoins are bullish—most may continue to remain weak in the coming time, especially low-quality projects.

However, if looked at from a broader perspective, the current structure resembles a macro uptrend that is more suppressed than a completed cycle peak.

And since the breakout has never truly occurred, there is also a possibility that this accumulation phase will not last as long as the previous cycle.