According to CryptoQuant, more than 40% of altcoins are currently trading close to their all‑time lows, a share exceeding the prior bear market peak of approximately 38%.

Market snapshot

The metric tracked by CryptoQuant captures the proportion of tokens trading near historic lows and signals broad weakness across many smaller market caps.

Compared with the earlier bear market, the current figure shows a slightly deeper penetration of lows, indicating reduced breadth of demand across altcoin listings.

Liquidity dilution as a driver

Analysts attribute the phenomenon primarily to liquidity dilution, where the market now contains tens of millions of tokens, stretching available capital thinner across assets.

When token supply outpaces the inflow of new capital, buy pressure concentrates on a narrow set of assets and many projects languish near historical lows.

Implications for investors

Higher shares of coins at all‑time lows reflect uneven capital allocation and may complicate price discovery for lesser‑known tokens over extended periods.

Market participants monitoring breadth indicators and on‑chain liquidity metrics can observe shifts in capital flows and adjust exposure accordingly.