Altcoin market cap sheds $200B as 70% of Binance tokens fall below 200-day average

The striking detail is the speed of the reversal: a $320 billion expansion over roughly six weeks has been mostly unwound, and the breadth measure — most Binance tokens under their 200-day average — suggests this is a market-wide de-risking rather than isolated weakness in a few names. The explicit link to tightening macro conditions and a Nasdaq drawdown frames altcoins as high-beta risk exposure, not a decoupled asset class. Whether altcoins can stabilize independently of broader risk sentiment, or whether the 200-day breach becomes a persistent trend marker, is the open question worth watching.