Crypto analyst WillyWoo: FTX liquidation has led to widespread underperformance in this round of altcoins

Crypto analyst WillyWoo tweeted that the FTX bankruptcy liquidation team sold assets, including large lockdown SOL, and sold lockup tokens to hedge funds at a discount through legal agreements. After buying at a price of more than 60% off, the fund hedges price risk by shorting futures such as SOL, obtaining a risk-free return of about 70%-80%. Subsequently, other project parties and foundations sold lock-up tokens to hedge funds in advance and hedged them through the futures market, thereby transferring the "alpha" that should belong to ordinary investors to market-neutral funds, resulting in most crypto projects in 2023-2025. The performance was sluggish, while BTC performed relatively well. Woo believes that selling pressure related to the next round of market prices may have been released early and recommends that ordinary investors only hold BTC.