Altcoin Sell Pressure Reaches $209 Billion as Bitcoin Dominates Trading Volumes
Net spot demand for altcoins (excluding Ether) has plunged to a five‑year extreme, while Bitcoin’s share of activity on major exchanges climbs and stable‑coin dominance nudges to fresh highs.
Overview
Crypto data provider CryptoQuant reports that cumulative net sell pressure on altcoin spot markets has hit ‑$209 billion since the start of 2025. The figure, which excludes Ether (ETH), represents one of the steepest declines in speculative buying for non‑BTC tokens this cycle.
At the same time, Binance – the world’s largest centralized exchange – shows a roughly 50 % drop in altcoin trading volume from its November‑2025 peak. Bitcoin’s share of total exchange activity has risen in tandem, reaching 36.8 % on 7 February and staying above the 30 % mark through mid‑February, whereas altcoins fell to 33.6 %, down from a high of 59.2 % in November.
Stable‑coin (USDT) dominance has also climbed, touching the 8 % level on the one‑week chart – a peak last seen between June 2022 and October 2023. Historically, rising stable‑coin dominance coincides with capital retreating from risk assets and entering dollar‑pegged tokens.
What the Numbers Mean
| Metric | Current Reading | Recent Trend |
|---|---|---|
| Net altcoin sell pressure (ex‑ETH) | –$209 B | Negative delta sustained for 13 months |
| Binance altcoin volume | –50 % YoY (Nov 2025 vs Feb 2026) | Sharp contraction |
| BTC share of Binance volume | 36.8 % (Feb 7) | Rising |
| USDT market‑cap dominance | 8 % (1‑week) | All‑time‑high‑ish |
Analyst commentary
- IT Tech (CryptoQuant) – The cumulative buy‑sell delta tracks net spot demand, not price levels. A sustained negative delta of this magnitude signals an absence of consistent buyers for altcoins, suggesting that capital is exiting the segment without significant counter‑flows.
- Darkfost (CryptoQuant) – Similar capital rotations have been observed during previous corrective phases (April 2025, August 2024, October 2022), where Bitcoin acted as a safe‑haven while altcoin volumes receded.
The data points to a broader market reallocation: investors appear to be pulling funds from risk‑ier altcoins and parking them in Bitcoin or cash‑equivalent stablecoins amid a downtrend.
Contextual Factors
- Bitcoin price action: The shift in volume distribution coincided with Bitcoin testing the $60,000 mark in early February, a level that historically attracts both speculative inflows and defensive positioning.
- Stable‑coin dynamics: USDT dominance at 8 % mirrors periods when Bitcoin was consolidating near bear‑market lows (2022‑2023). Historically, a decline in stable‑coin dominance has preceded bullish turn‑arounds, as seen when USDT fell to ~4 % before Bitcoin’s surges to $72 k, $104 k, and $126 k in prior cycles.
- Altcoin market health: The persistent net‑sell pressure indicates that even the most liquid altcoins are struggling to find buyers, reducing the likelihood that the current downturn represents a buying opportunity rather than a structural demand weakness.
Key Takeaways
- Net sell pressure on altcoins has reached a five‑year extreme – a cumulative –$209 billion since January 2025, highlighting a prolonged outflow of capital from the segment.
- Bitcoin’s volume share on Binance has risen sharply, now accounting for more than a third of total exchange activity, while altcoin volumes have halved from their November 2025 peak.
- Stable‑coin (USDT) dominance is at an 8 % high, a pattern historically linked with capital moving into cash‑equivalents during market weakness.
- Historical precedent suggests the current environment is defensive – past rotations saw Bitcoin act as a safe‑haven while altcoins contracted, often preceding later bullish phases for BTC.
- Investors should treat the negative altcoin delta as a flow indicator, not a price‑bottom signal; the lack of spot buying pressure implies that any rebound would need fresh liquidity to materialize.
The analysis presented reflects current on‑chain and exchange data. It does not constitute investment advice. Readers are encouraged to conduct independent research before making any trading decisions.
Source: https://cointelegraph.com/news/dollar209b-exited-altcoins-over-the-last-13-months-did-traders-rotate-into-bitcoin?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
