Altcoin Sell Pressure at -$209B: 15 Months of Distribution

CryptoQuant data shows the cumulative buy/sell volume difference for altcoins, excluding Bitcoin and Ethereum, dropped to roughly -$209 billion in June. That is the most negative reading since the exchange tracked the metric starting in 2020. Sellers have dominated spot markets for over 15 consecutive months.

CryptoQuant analyst IT Tech flagged the trend earlier this month. The metric measures whether more volume on spot exchanges hits the bid (selling) or lifts the ask (buying). A negative number means sellers control the action. At -$209 billion, the imbalance has deepened steadily since early 2025, when the indicator hovered near zero. IT Tech described the pattern bluntly: “just distribution” with “no floor” present.

The decline reflects broad-based retreat from the altcoin category within the crypto market, not a single project's collapse. Spot demand remains absent, and the cumulative volume difference continued to decline into July. IT Tech's characterization leaves little room for optimism in the near term.

A flattening of the metric would be the first meaningful signal that sellers are running low on inventory or that buyers have started to step in. That signal has not appeared. The rate of decline matters more than the absolute level. Acceleration in the sell pressure would imply distribution is intensifying. Stabilization would suggest the market is finding a base, IT Tech said.

The road back to zero from -$209 billion is long. The metric shows no sign of turning yet.