Spot on, but what are the causes?
To me, it seems that "crypto' (apart from bitcoin) is dying or at least is in a catatonic state.
This comes back to what it's function, overall?

As I said before on multiple occasions: the second layer should have been developed on bitcoin.
Instead, not much was developed on bitcoin and everything else quickly loses relevance, maybe with one or two exceptions (or, maybe even just one and it is not the VB coin).

Inflation hedge with bitcoin and stablecoins for fast payment tx-those are ONLY two applications with large relevance right now.
DeFI could be a third app, but it is hopelessly fragmented and was banged repeatedly by the gov.
The fact that banks would soon be able to issue tokens horrifies me quite a bit.
IMHO, too much acceptance and too much integration into the "old" system gives the field as a whole a "kiss of death".

To what extent bitcoin could stay above the fray would be determined in the next 6-12 mo, imho.