This chart is far more important than most people realize. Altcoins have been in a structural bear market since 2021. This is a slow and painful repricing process for the entire asset class. Market breadth has shrunk for years. Fewer and fewer assets are truly effective. Most assets are quietly dying out. If a chain or an application doesn't achieve true widespread adoption, it cannot survive. Incentives fade, market narratives constantly shift, oversupply is suppressed, and liquidity becomes concentrated. This is the pattern of development in mature markets: Strong compound growth. Weak decay. The strong get stronger. Everything else becomes noise.