Recently, I went through the coins I hold in various sectors, and it was a chilling experience.

Counting from that small climax last December, it’s been a full year now, and I’ve reviewed almost every altcoin on the market—turns out, what I found was shocking. Aside from a few top coins with strong narratives, over 90% of the rest are all in decline.

How much are they down? Conservatively, 3 to 5 times, and that’s considered “decent.” Many have been cut in half again and again, dropping by 7 times, 10 times—situations that are simply too miserable to look at. If you bought altcoins at last year’s peak and held until now, you’re basically looking at losses starting from 5 to 10 times.

What’s even more surreal is that I specifically singled out the Black Swan crash on October 11th to take a closer look. Guess what? The cumulative decline over this whole year is almost as damaging as that one big red candle on that day.

So here’s the question: Who actually made money? Who drained this round of liquidity?

Coins like FIL, ICP, and SNX—once star tokens—are now all wilted. What kind of game is the market really playing?