The altcoin market is going through one of its most challenging moments in five years. On-chain data from CryptoQuant reveals that the selling pressure excluding Bitcoin and Ethereum has reached historical levels, with a cumulative outflow of $209 billion since 2020. There have been 13 consecutive months of net sales in the spot market, reflecting a strong rotation of capital and lower retail appetite. Although some XRP ETFs have recorded inflows, the overall underperformance of altcoins against BTC confirms that the market prioritizes liquidity and solidity in times of uncertainty.
In this context, Binance once again serves as the key thermometer: the trading volume of Bitcoin has regained leadership with 36.8% of the total, while altcoins have seen their participation shrink to almost half since November. This pattern, repeated in previous bearish cycles, reinforces the role of BTC as the dominant asset in times of stress. For traders and strategic investors, the question is not whether the market is under pressure, but when the rotation will reopen selective opportunities in the altcoin ecosystem.
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