CryptoQuant reports that altcoin investors are dumping on centralized exchanges (CEXs), with the cumulative buy‑sell quote volume difference for altcoins—excluding Bitcoin (BTC) and Ethereum (ETH)—falling to more than $250 billion in net selling as of June 17.
Scale of the Altcoin Sell‑off
The data shows that sellers have outnumbered buyers for roughly 17 consecutive months, a streak not seen in over five years. Throughout 2024, the metric rose steadily, nearing a neutral balance by mid‑January 2025 before reversing sharply and triggering the deepest capitulation on record. This steep decline has forced investors to liquidate positions at an unprecedented pace across the crypto market.
Factors Behind the Decline
Analysts attribute the heightened selling pressure to capital rotating toward the artificial‑intelligence (AI) sector, where investors seek higher returns. Additionally, the delayed approval of the Clarity Act—a proposed U.S. federal law intended to regulate crypto assets—has dampened demand, even though the bill recently cleared the Senate Banking Committee for floor debate. These regulatory uncertainties and sector shifts have compounded the sell‑off pressure on altcoins.
Impact on Crypto Market Capitalization
According to TradingView, the TOTAL3 index, which tracks the market cap of crypto assets excluding BTC and ETH, slipped from a peak of about $1.15 trillion to roughly $696.93 billion at press time. The accelerated decline in late 2025 coincided with aggressive dumping on CEXs, further eroding investor confidence. As a result, the broader crypto market faces reduced liquidity and heightened volatility across multiple blockchain projects.