Counterfeit Coin Alert: Spot Sell Pressure Reaches Five Year Extreme, Institutional Funds Withdraw Across the Board

On chain data shows that the spot market for altcoins, excluding BTC and ETH, has sold net for 15 consecutive months, with the cumulative difference in buying and selling volume reaching the deepest negative value since 2020 (approximately $209 billion - $266 billion). This is not a callback, but a structural demand vacuum: 📉 Retail exit: Retail investors exit on a large scale, with extremely thin buying opportunities. 🏦 Institutions ignore: Funds only focus on "digital blue chips" (BTC/ETH) through ETFs, with almost zero interest in altcoins. ⚖️ Supply and demand collapse: Net inflow of exchange tokens continues, with more selling and less buying, putting pressure on SOL, XRP, ADA, and AVAX across the board. Market situation: ▪️ The dominance rate of Bitcoin remains at a high level of 56.5% -58%. ▪️ The knockoff season index hovers around 35-49 (far below the bull market threshold). ▪️ Despite recent fluctuations in BTC ETFs, funds are still fleeing from altcoins, exacerbating the liquidity crisis. 💡 Strategy: This is not the bottom, it's a shuffling towards the core. Be cautious in allocation, focus on core assets, and wait for confirmation of on chain demand.