Looking at it from this lens, several alts have already been deep into bear market territory since March; with several alts down over 40-60% from the wick high to the wick low.

I suppose part of the distortion around sentiment stems from just how much overthrow to the downside there was after the collapse of FTX.

People that bought coins in the months after the FTX collapse are still up multiples; even with a lot of the big name alts being down 40-60% from the March highs.

Very weird cycle so far. Norms from prior cycles have simply not worked very well.

(NFA/DYOR.)