The median atlcoin token is down 86.2%. > $BTC is down 35%. > $ETH is down 51%. > $SOL is down 64%. 86 of 200 tokens are down 90% or more. Only 9 are within 25% of their ATH. What stands out: ➥ Revenue held up better than narrative. Tokens closest to their ATH tend to have real cash flow or buybacks behind them: WBT -9%, LEO -15%, HYPE -19%, TRX -22%, BNB -47%. Exchange tokens are the second strongest sector, with a median of -67%. ➥ Privacy is the quiet winner. It’s the best sector, with a median of -64%. XMR is only 30% off its high, and ZEC has outperformed most of the top 20. ➥ DeFi has a clear leader. HYPE is near its highs, while the older names are not: UNI -84%, AAVE -77%, CRV -98%. The DeFi sector median is -83%. ➥ The 2021 graveyard is real. 59 tokens peaked in 2021 and never came back: DOT -98%, ICP -99.6%, FIL -99.5%, AVAX -93%, ADA -93%. ➥ L1s, L2s and gaming got hit hardest. The L1 median is -94% and gaming/NFT is -96%. Not a single Infra/L2 token is within 50% of its ATH. AXS and SAND are both down more than 99%. ➥ Shelterless projects STRK -98%, OP -97%, ARB -92%, TRUMP -97.5%, WIF -96%. Most of these peaked in 2024 or 2025. ➥ AI is split. Bittensor subnets like lium (SN51) sit just 20% off their highs. TAO is down 64%, while FET is down 94%.