Crypto analyst Willy Woo explains why altcoins underperformed Bitcoin following FTX’s 2022 bankruptcy. Large amounts of locked Solana tokens were sold at low prices to funds like Galaxy Digital and Pantera, who hedged by shorting futures, creating synthetic sell pressure. While retail investors bought near the peak, Bitcoin surged over 400% to $88K with dominance around 55-60%, leaving altcoins largely flat. Woo notes that many tokens were already sold off-chain, which may reduce future selling pressure and create opportunities for altcoin recovery.
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