Cryptanalysis expert Willy Woo: The FTX liquidation has led to a general underperformance of altcoins in this round

Crypto analyst Willy Woo tweeted that the FTX bankruptcy liquidation team is selling off assets, including a large amount of locked SOL, and is selling locked tokens at a discount to hedge funds through legal agreements.

After buying at over 60% off, the funds hedge price risks by shorting futures like SOL, obtaining about 70%-80% risk-free returns. Subsequently, other project parties and foundations sold locked tokens early to hedge funds and hedged through the futures market, transferring the "alpha" that should belong to ordinary investors to market-neutral funds, resulting in lackluster performance for most crypto projects from 2023 to 2025, while BTC outperformed relatively.

Woo believes that the selling pressure related to the next market cycle may have been released in advance and advises ordinary investors to hold only BTC.