This report reflects the discussions and views of the RA. These are personal opinions of the team members and should not be interpreted as financial or trading advice. Readers should conduct their own research and consult with financial advisors before making any investment decisions.

It’s been roughly three months since BTC topped in January. Since then, alts have bled out hard while BTC is down just 22.5% from its ATH. For BTC, this kind of correction is historically normal in a bull market. But for alts—including majors like ETH and SOL—it’s been much worse. ETH is down over 46%, SOL over 56% from their 2025 highs. For many smaller alts, price action is even worse, and I suspect a lot of them have already topped forever.

That...