nothing new or secret, but actually visualizing altcoin count is pretty incredible supply fatigue (particularly for high fdv coins) really started as a theme in early 2024, but these things of course operate on a lag. total number of listings aside, the *rate* of new listings keeps setting new highs so we have an increasing level of supply and an increasing rate of supply, neither of which are at all tethered to current demand. most analysis on this topic has been about fdv and unlocks (very important), but also important is the raw number of assets as an example: early in the AI cycle there was some coordination in the market around the existing liquid options of FET, AGIX, OCEAN, RNDR. today, the idea of buying a basket of AI coins to actually get exposure to that narrative is almost laughable because the chance that your coin becomes the agreed upon right coin is 1 in 35 and not 1 in 4. most people would resolve in this case to not buy any coin at all we're pretty much 2 years into a buyer's strike on altcoins as a category, and at some point (maybe we're halfway?) the calculus on the additional profit to exchanges a new dime-a-dozen listing brings will turn. we may see *delistings* pick up, and the market can reasonably see periods where broad uptrends exist again simply because we're able to shrink the definition of broad