This actually makes a lot of sense and is the most plausible reason for the marketwide alt bloodbath. Forced selling of all kinds of alts that were being used as colateral to back leveraged positions on CEX’s as those positions began to get liquidated. This set up is exactly what would cause a simultaneous dump across the board of “all” the alts because the liquidations would not be limited to just BTC or USDT. And with alts having relatively low liquidity once some began being liquidated it would basically cause a chain reaction for anyone else using that alt as collateral, and it would then spread across all alts available as collateral one after the other, nearly simultaneously. This is also why (like Arthur said) we won’t see those wick lows on many alts again- those were bottoms formed by a massive forced selling event across a huge number of market participants on major CEX’s. There is no one left to willingly sell down to those levels. TLDR your spot holdings are going to be fine and if you managed to buy anything on the dip you got a hell of a deal.