38% of Altcoins Near All-Time Lows, Surpassing FTX Era: Analyst
38% of altcoins near record lows, surpassing post-FTX levels: CryptoQuant
An estimated 38% of altcoins are trading close to their all-time lows, exceeding the levels seen after the FTX collapse, according to CryptoQuant analyst Darkfost. He characterized the environment as unfavorable for risk assets and noted that crypto markets are bearing the brunt of the current risk-off stance following the October 2025 market crash.
“For comparison, this metric reached 35% in April 2025 and 37.8% just after the FTX crash,” Darkfost said, adding that the data highlights ongoing caution among investors and waning interest in altcoins.
Examples include Cardano’s ADA (ADA), which is trading roughly $0.10 above its all-time low of $0.17. Polkadot (DOT) set an all-time low of $1.13 in February and has since rebounded 33%. Polygon (POL) is about $0.02 above its all-time low of $0.08.
Darkfost said liquidity has been rotating out of altcoins and into equities and commodities. Daily cryptocurrency trading volume peaked at over $417 billion on Oct. 10, the day of the market’s steep decline, according to CoinMarketCap.
The Total3 metric, which measures the market capitalization of cryptocurrencies excluding BTC and ETH, has fallen back to November 2024 levels. For comparison, daily trading volumes ranged from $49.4 billion to $268 billion in February and March 2026.
He added that the current altcoin drawdown represents the largest regression of this cycle and suggested it could offer a buying opportunity for some investors.
Altcoin social activity lags behind Bitcoin
Mentions of altcoins on social media have fallen to two-year lows, according to market sentiment platform Santiment. Google worldwide search interest for “altcoins” also retreated to a one-year low of 4 out of 100, based on Google Trends data.
“Altcoins are suffering from a liquidity drain, where even minor sentiment shifts trigger outsized sell-offs,” said Jimmy Xue, co-founder of liquidity platform Axis. He attributed this in part to the absence of the institutional support and “digital gold” narrative associated with Bitcoin.
Analysts have also pointed to a crowded token landscape competing for limited capital and the impact of Bitcoin exchange-traded funds, which may be concentrating liquidity in traditional financial vehicles. There are more than 36.8 million different crypto tokens listed on CoinMarketCap at the time of writing.
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