According to @BullTheoryio, the total crypto market cap excluding BTC and ETH has historically expanded through sharp 30–60% resets, with 2020 seeing a -60% correction and 2021 registering -36%, -57%, and -31% mid-cycle pullbacks (source: @BullTheoryio, X, Oct 13, 2025). The author states that the latest move included the largest single-day altcoin liquidation on record, with $20B liquidated, roughly $1T in market cap erased, and 70–90% drawdowns across many alts (source: @BullTheoryio, X, Oct 13, 2025). The thread argues these violent purges typically precede the strongest rallies once leverage is flushed and liquidity resets, indicating a bull-market rhythm rather than structural weakness (source: @BullTheoryio, X, Oct 13, 2025). The author concludes this was not the end of altseason but a clean-up before the next leg in the pure altcoin cycle, emphasizing the ex-BTC/ETH market structure for traders monitoring cycle timing (source: @BullTheoryio, X, Oct 13, 2025).