Markus Thielen, CEO of 10x Research, released a report on June 19th stating that the average price of cryptocurrencies has dropped by 50% from its peak in 2024, based on an analysis of the top 115 ranked tokens. Unless there is significant improvement in the liquidity of cryptocurrencies, these losses will continue to escalate. Currently, Bitcoin (-11%) and Ethereum (-13%) have shown relatively stable performance, which may be attributed to savvy traders moving funds from altcoins to these two major cryptocurrencies, a phenomenon that has occurred in the past two market cycles. In a bear market for altcoins, effective risk management has become crucial for survival. Token unlocks and adverse cryptocurrency liquidity indicators are considered the main causes of this recent plunge. Thielen emphasized that altcoins are currently in a bear market. In 2024, 73% of these 115 tokens reached their peak in March.