TLDR
- Benjamin Cowen, who warned before the 2021-2022 crypto crash, says most altcoins will likely crash to zero
- Crypto exchange-traded products saw $1.73 billion in outflows last week, the worst since mid-November 2025
- Bitcoin dropped 78% and Ethereum fell 80% during the 2021-2022 crash that Cowen predicted
- Cowen describes the current Bitcoin market as a “slow bleed” but expects it to reach $110,000 eventually
- He argues midterm years typically expose weak crypto projects that lack real use cases or revenue
Benjamin Cowen, founder of Into The Cryptoverse, issued a stark warning to crypto investors on January 26. He stated that most altcoins will likely crash to zero despite recent market optimism.
Stop believing in alt season just because some guru told you it would happen.
Most alts should and likely will go to zero.
The crypto asset class needs to be cleansed of a lot of useless garbage, and midterm years are great for that.
— Benjamin Cowen (@intocryptoverse) January 26, 2026
Cowen gained recognition for warning investors before the 2021-2022 crypto crash. In late 2021, while Bitcoin traded near $69,000, he flagged risks from Federal Reserve policy tightening and excessive leverage. Bitcoin then dropped 78% to around $15,000. Ethereum fell roughly 80% during the same period.
His latest warning targets altcoin investors who expect another “altseason.” On X, Cowen wrote that investors should stop believing in altseason just because analysts promise it. He argued that most altcoins should go to zero.
Cowen has maintained a skeptical view of altcoins throughout his career. He believes most cryptocurrencies outside Bitcoin depend on speculative money and struggle when market conditions tighten. He argues that midterm years in crypto cycles typically expose weak projects.
Recent Market Data Shows Investor Caution
Recent fund flows support Cowen’s cautious outlook. Crypto exchange-traded products recorded $1.73 billion in outflows last week according to CoinShares. This marked the worst week for crypto ETPs since mid-November 2025.
Bitcoin accounted for $1.09 billion of these outflows. Ether saw roughly $630 million leave funds during the same period.
The altcoin market showed mixed results. XRP and Sui posted modest outflows while Solana attracted $17.1 million in new money. At press time, Bitcoin traded at $87,317.25, down 1.3%. Ether traded near $2,914, XRP around $1.93, and Solana near $124.
Cowen explained that thousands of tokens exist without long-term demand, revenue, or viable use cases. These projects survive on speculative momentum rather than fundamentals. When risk appetite decreases and liquidity tightens, these structural weaknesses become exposed.
Bitcoin Outlook Remains Different
Cowen’s view on Bitcoin differs from his altcoin pessimism. During a recent interview with TheStreet Roundtable host Scott Melker, he described Bitcoin’s current state as a “slow bleed.” He expects the leading cryptocurrency to remain range-bound until macro liquidity conditions improve.
However, Cowen predicts Bitcoin will eventually reach $110,000. He said Bitcoin needs to reclaim key technical levels, including the 50-week moving average, to signal a broader market reversal.
His framework views market cleansing as necessary rather than problematic. Bull markets, he argues, raise all cryptocurrencies without distinction, hiding the difference between strong and weak assets. Bear markets and mid-cycle periods force capital to become more selective.
Cryptocurrency markets have a low barrier to entry, allowing thousands of projects to launch with minimal friction. This creates an environment where quantity exceeds quality. Cowen believes capital will concentrate into assets with security, liquidity, and clear monetary narratives that can survive beyond speculative cycles.
Some critics accused Cowen of hypocrisy for offering market guidance while criticizing other analysts. He responded that his consistency and track record across multiple market cycles set him apart. He has spent years advising investors to avoid chasing speculative rotations and altcoin hype.
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