I get the feeling that many people have changed their thinking that only selective altcoins with strong fundamentals will outperform, but we’re still in a period of valuation adjustment where market participants are down and don’t want to cut their losses because they’re already underwater. A classic bias-driven problem is that people “want to make it back” with the same bags they lost money on. On the way up, people talk about selective power-law winners, but when it comes to cutting the obvious losers they argue that it doesn’t matter because “everything is down.” This logic breaks down because once the market turns, the strong projects will outperform and form higher lows rather than lower highs on a multi-year timeframe. You can't hold losers because they are down and expect outperformance. Everyone still hoping for an environment like in Q4 2023 / Q1 2024, which was the last real mini “altseason.” Today you don’t even see that priceaction with $DOT anymore, because afterwards it went through a full-on bear market again and is trading almost 50% below its 2023 lows.