"Churning"by brokers.perhaps!!The vast majority of alts are still well below all time highs. SOL which has been on a rip lately is roughly $200 below all time high.
It is all relative on when you enter the market, those entering in 2021 are probably still nursing losses, those that got in a decade ago are probably doing alright
I know most of my trades would have been better if I had just HODL'd instead of swapping in an out of alts.