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Cryptocurrency analyst Willy Woo attributes the underperformance of altcoins relative to Bitcoin following the FTX collapse to large-scale liquidation sales of locked Solana tokens by funds such as Galaxy Digital and Pantera. These funds hedged by shorting futures, thereby creating artificial selling pressure. Despite retail investors buying near the peak, Bitcoin surged over 400% to reach $88,000, capturing approximately 55-60% of the market share, while altcoins performed modestly. Woo believes that significant selling occurred off-chain, which may relieve future selling pressure and create recovery opportunities for altcoins.