Crypto analyst Willy Woo has attributed the underperformance of altcoins to the liquidation activities of FTX's bankruptcy team. Woo highlighted that the team sold off significant assets, including locked SOL tokens, at over 60% discounts to hedge funds. These funds then hedged their price risk by shorting SOL futures, achieving approximately 70%-80% risk-free returns. This strategy was adopted by other project teams and funds, transferring potential gains from ordinary investors to market-neutral funds. As a result, most crypto projects underperformed from 2023 to 2025, while Bitcoin showed relative strength. Woo suggests that selling pressure for future market movements may have been preemptively released, advising investors to focus on holding Bitcoin.