CryptoQuant data shows the 1‑year cumulative buy/sell difference for altcoins turned negative, with roughly $209 billion more sold than bought on centralized exchanges over the past 13 months. A CryptoQuant analyst said retail is out while smart money rotated and there is no institutional alt accumulation. Bitcoin also corrected (~22.4% drop in Q1 2026) and trades near $68,800 (≈43% below its Oct 2025 peak). Over 75 altcoins are down 20–90% from recent highs, the Altcoin Season Index sits around 35 (well below the 75 threshold for alt season), and total altcoin market cap excluding BTC and ETH is about $712 billion.

CryptoQuant shows a ~ $209B net sell on CEXs over 13 months and a negative 1‑year buy/sell difference for altcoins; Altcoin Season Index ≈35 (below 75 threshold); >75 altcoins down 20–90%; alt market cap ex BTC/ETH ≈ $712B; Bitcoin has corrected ~22.4% and trades near $68,800. These concrete figures indicate sustained net selling and weak demand for altcoins, supporting a bearish view with material short‑term relevance.