Many people say this round of alts has collapsed,

It was the market maker's incident that caused the chain reaction.

But when looking at the problem, it is best to try to go a level deeper.
One deeper reason for the market maker's troubles may be that,
In the recent one or two years of the season, retail investors have become more savvy compared to before.
Let alone the increased supply of coins,
Then the retail investors' meat is not enough to satisfy the winners.
To be a big winner, you need to eat each other and eat the market makers to be full.
Is that so?