Altcoins Suffer Deepest Net Selling in Five Years

The altcoin market has seen its deepest net selling in five years, with only 30 of the top 100 cryptocurrencies by market cap posting gains over the past 90 days.

CryptoQuant data shows that the cumulative buy/sell volume difference for altcoins (excluding BTC and ETH) hit a 5-year extreme in June, indicating prolonged net distribution on spot markets.

This trend is further supported by the TOTAL2 index, which tracks crypto market capitalization excluding Bitcoin. The index currently sits near $881 billion, below its 50-day, 100-day, and 200-day simple moving averages, at $921.5 billion, $959.9 billion, and $1.02 trillion respectively.

The daily RSI on the TOTAL2 index reads 49.45, signaling neutral momentum rather than oversold readings that historically preceded durable reversals.