[Crypto Analyst Willy Woo: FTX Liquidation Causes Altcoins to Underperform in This Cycle] Crypto analyst Willy Woo tweeted that the FTX bankruptcy liquidation team has been selling assets, including large locked SOL holdings, and discounting locked tokens to hedge funds through legal agreements. The funds purchased these tokens at over a 40% discount and then hedged price risks by shorting SOL futures, achieving approximately 70%-80% risk-free returns. Subsequently, other project teams and foundations also sold locked tokens early to hedge funds and hedged through the futures market, transferring the 'alpha' that should have belonged to regular investors to market-neutral funds. This has led to the underperformance of most crypto projects from 2023 to 2025, while BTC has relatively outperformed. Woo believes that the related selling pressure for the next market cycle may have already been released in advance and advises regular investors to hold only BTC.