I agree with the supply burden mentioned by bori. I think we could look at that not just by the number of assets, but also by changes in circulating supply for a single token.

CoinGecko's official formula is Circulating Market Cap = Current USD Price x Circulating Supply. For smart contract tokens, the circulating supply is calculated by subtracting locked tokens from the total supply, using information provided by project teams for locked addresses. They mention that unverified supply amounts are marked with a '-'.

The numbers below are purely hypothetical. If the price is $10 and the circulating supply is 100, the market cap is $1,000. If 50 locked tokens are added to the circulation and the price remains the same, the market cap becomes $1,500. While the price remains flat at 0%, the market cap increases by +50%. Conversely, if we calculate with a fixed market cap of $1,000, the price would be approximately $6.67.

This isn't a prediction of price drops following an unlock, but rather two sensitivity calculations breaking down Price x Circulating Supply. I should verify the official token unlock contracts, schedules, and definitions of circulating supply, then map out the scheduled unlocks, actual circulation, and prices for the same dates. Also, we shouldn't assume that everything unlocked has been sold.

So, rather than concluding that altcoins as a whole are finished, I'm leaning toward the idea that even within the same bull market, tokens with different supply velocities may follow different paths.