According to CoinMeta, crypto analyst Darkfost pointed out that from mid-August to the end of September, the total market value of crypto assets (excluding Bitcoin and stablecoins) grew by approximately $320 billion, but then fell by about $200 billion, erasing about 63% of the previous increase. On the Binance platform, the proportion of altcoins with prices below the 200-day moving average dropped from 82% in mid-August to 10% at the beginning of October, before rising back to around 70%, reflecting that most altcoins once again fell into a downward trend. Darkfost believes that geopolitical and trade tensions, interest rate hikes by major central banks, and the decline in U.S. stocks have exacerbated market pressure. Currently, the Nasdaq index has fallen by about 14% from its recent high, and the S&P 500 index has fallen by about 6%. Historically, after the proportion of altcoins breaking below their long-term moving averages reaches such extreme levels, the market sometimes experiences a trend reversal.