According to the founder of Into The Cryptoverse, the market selection process has been underway since 2021, but it has not gone far enough yet. Cowen is convinced that for real and long-term growth across the crypto market, a painful but necessary purge of thousands of so-called “junk coins” must first take place.

“For a real, sustainable bull market in the global crypto market, a painful but necessary purge of thousands of speculative junk coins must happen first,” Cowen believes.

Well-known voices share a similar view

Cowen is not the only one who holds this opinion. Even during the ICO boom, many prominent figures in the industry warned that most projects would not survive.

Cardano founder Charles Hoskinson and Ethereum co-founder Vitalik Buterin suggested at the time that more than 90 percent of ICO projects would eventually disappear. Ripple CEO Brad Garlinghouse went even further in 2019, saying that 99 percent of all cryptocurrencies could vanish in the long run.

Arthur Hayes recently expressed a similar view as well. At Consensus Miami 2026, he said that “99 percent of altcoins” could fall to zero. In his view, only a small number of projects that benefit from real liquidity flows will survive.

Bitcoin struggles to confirm a trend reversal

Bitcoin recently climbed above $81,000 for the first time since late January. However, analysts warn that excessive optimism may still be premature. The latest recovery could be more of a short-term relief rally than the beginning of a fully sustainable bull market.

An important level to watch remains the 200-day moving average near $82,300. If Bitcoin fails to hold above this mark, buyer confidence could weaken quickly.

According to technical analysts, BTC needs to reclaim the area around $88,880 and hold it as support. Otherwise, the risk of a pullback into the $58,000–$62,000 range may increase.

Capital is moving back into Bitcoin

For Cowen, rising Bitcoin dominance shows that capital is not rotating into riskier altcoins, but is instead concentrating in BTC or moving to the sidelines. Excluding stablecoins, Bitcoin dominance has already exceeded 67 percent, according to his company’s calculations.

Cowen’s conclusion is uncomfortable: before a new altcoin season can begin, the weakest projects need to go through real capitulation. That is why Bitcoin’s return above $81,000 is still not proof that a new broad bull cycle has started in the crypto market.