I have believed and said this publicly for a couple years now. Not only was 2021 a perfect combo of insane factors for an everything-risk bull run, but then 2022 was literally crypto's Great Financial Crisis moment with the entire lending edifice collapsing. Then interest rates rose and money stopped being free. But people just kept on expecting the same things to happen again with a multi-trillion dollar asset class, and they just haven't. Not remotely the same kind of cycle. Not to mention the players have shifted to more institutional types and they aren't altcoin rotators like degen crypto natives are. Bunch of folks allocated to alts early on thinking they'd be clever and front run the "usual" rotation, but they misread the environment and have been in pain as a result. I mean fucks sake just look at the Russell 2000. If small caps can't run higher, altcoins probably won't. Has held true since the beginning of price for crypto.