CryptoQuant analyst Darkfost said the weekly close under the long-term trendline points to broad altcoin weakness, with the current downturn ranking as the second-longest since 2020.
Total3, a market gauge for altcoins excluding Bitcoin and Ethereum, closed below its 200-day moving average on a weekly basis, signaling continued weakness across the broader crypto market beyond the two largest tokens. CryptoQuant analyst Darkfost said 84% of Binance-listed altcoins are also trading below their own 200-day averages, underscoring how widespread the downturn has become. The report described the stretch as the second-longest slump since 2020, with only one longer period on record, which lasted about 10 months. In market analysis, a 200-day moving average is widely used as a long-term trend indicator, and sustained trading below it often suggests risk appetite remains weak.