CryptoQuant analyst Darkfost said about 84% of altcoins available for spot trade on Binance now sit below their 200-day moving averages, a threshold widely used to judge long-term market strength or weakness.
The figure covers every altcoin available for spot trade on Binance, which CryptoQuant described as the exchange with the highest global trade volumes. Darkfost called the setup a "state of total underperformance" across most listed altcoins.
The 200-day moving average indicates an asset's average price over roughly the past 200 trade days. In market practice, a price below that line often signals weak long-term momentum. A broad move below it across most altcoins points to pressure beyond a single token or sector.
Darkfost said the weakness has persisted for nearly eight months. That puts the current stretch as the second-longest altcoin underperformance streak since 2020. The only longer comparable period cited by the analyst came during the previous bear market, when the same condition lasted about 10 months.
The hard experience for altcoin holders has not been one sharp fall alone. It has been the repeated failure of rebounds. Darkfost said "every attempt at a momentum recovery has failed outright." The Total 3 index, which tracks altcoin market capitalization without Ether, has also closed below its 200-day moving average on the weekly chart.
Binance spot tokens show deep weakness
HodlFM market data shows Bitcoin at $59,510, down 1.02% over 24 hours and 6.08% across seven days. Ether traded at $1,592, up 0.67% on the day but down 7.22% for the week.
Some larger altcoins still posted short-term gains in that market snapshot. Solana traded at $74, up 1.62% over 24 hours and 4.18% over seven days. Hyperliquid traded at $65, up 3.7% on the day.
Those daily moves did not erase the broader technical picture described by CryptoQuant. A token can rise during a session and still remain below its 200-day average. That distinction matters in a market where short rebounds have not yet shifted the longer trend.
According to CoinMarketCap data, total crypto market capitalization is near $2.06 trillion, about 51% below its peak. High-cap altcoins have also seen deep drawdowns. BNB and XRP were cited among assets down 60% to 75% from their highs. Solana was also placed in that high-cap drawdown group.
Lower-cap altcoins have had a harder path. Many are down 80% to 90% from their all-time highs. That helps explain why Darkfost described the period as a "prolonged period of stagnation across the majority of altcoins, one that is pushing investors to their limits."
Bitcoin link keeps pressure on rebounds
Darkfost said altcoins have remained highly correlated with Bitcoin's price action during this cycle. That relationship can limit altcoin recovery attempts when Bitcoin demand weakens or when BTC fails to hold key levels.
Bitcoin briefly reclaimed $60,000, but the move did not last, according to TradingView data. Ether also moved above $1,600 after Bitmine's latest purchase, then slipped back to $1,590.
Darkfost did not rule out opportunity in the current market. He said such periods have "historically also presented medium-term opportunities." He added that finding them now "demands significantly more rigorous asset selection" than in previous cycles.
A more optimistic view also appeared. Permabull analyst Sykodelic said, "things are shaping up very well for altcoins." He also said,
"I know that is very hard to believe after the soul-destroying performance of alts over the last few years, but things really are looking very constructive here."
The split between those views reflects the current market tension. CryptoQuant's data points to broad technical weakness across Binance-listed spot altcoins. At the same time, some traders continue to watch for bottom structures after a long drawdown. The immediate market record still shows Bitcoin below $60,000 in the cited snapshot, while Ether was near $1,590 after a brief move above $1,600.
Roman Zaika
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