en.bitcoinsistemi.com
While Bitcoin (BTC) fell as low as $60,000 in the ongoing bear market, altcoins took an even bigger hit. With Bitcoin projected to reach new all-time highs in 2025, many altcoins couldn’t even break their previous all-time highs.
The situation is further exacerbated by the start of a bear market before a full bull market could be experienced in altcoins, and according to a report, selling pressure on altcoins, excluding Ethereum (ETH), has reached its highest level in the last five years.
According to data from the on-chain analytics platform CryptoQuant, the cumulative spread between bids and asks has widened to -$209 billion, marking the 13th consecutive month of net selling.
CryptoQuant analyst, using the pseudonym IT Tech, stated that this is the worst performance in the last 5 years.
“The cumulative bid-ask spread in the altcoin spot market has widened to minus (-) $209 billion. And we have entered the most extreme oversold advantage zone in the last five years.”
Until January of last year, the indicator was close to zero (0), so supply and demand were in balance.
However, net one-way sales continued for the next 13 months, and the difference between purchase and sale prices accumulated.
The analyst noted that there is currently a complete lack of buyers in major spot markets, indicating structural fund outflows and a demand gap rather than short-term volatility.
The analyst added that the $209 billion spread does not represent the bottom for altcoins.
*This is not investment advice.