Looking at the cumulative spot buy/sell volume differential, it's clear this isn't just a sudden panic dip we are looking at 15 consecutive months of structural net selling on spot exchanges for everything outside of $BTC and $ETH . Pointing out this five-year extreme really reframes the conversation from "buying a temporary discount" to understanding that a fundamental capital rotation is happening right under our noses.

That being said, I feel many investors are trapping themselves by asking which alts to buy rather than if they should buy them at all right now. With Bitcoin dominance continuing its aggressive climb toward 60-65% and VC-backed tokens flooding the market with massive unlocks, the old "all-boats-rise" altseason narrative looks completely dead for this cycle.

If you aren't strictly looking at heavy-fee-generating ecosystems like Solana or high-conviction protocols with actual institutional utility, you're essentially catching falling knives. The maximum pessimism might look like a contrarian buy signal, but without a major macro liquidity catalyst, most of these underperforming tokens are just going to grind down further into zombie assets.