Crypto analyst Willy Woo: FTX liquidation caused altcoins to generally underperform in this round.

PANews reported on March 25th that crypto analyst Willy Woo tweeted that FTX's bankruptcy liquidation team sold off assets, including a large amount of locked SOL, and through legal agreements, sold the locked tokens at a discount to hedge funds. The funds bought them at a discount of over 60% and hedged price risk by shorting SOL futures, obtaining approximately 70%-80% risk-free returns. Subsequently, other project teams and funds sold their locked tokens to hedge funds ahead of time and hedged through the futures market, thus transferring the "alpha" that should have belonged to ordinary investors to market-neutral funds. This led to the poor performance of most crypto projects from 2023-2025, while BTC relatively outperformed. Woo believes that the selling pressure for the next round of market movements may have already been released in advance and advises ordinary investors to hold only BTC.