Altcoin spot selling deepest since 2020; season index nears 20

Altcoin spot selling fell to its deepest level since 2020 after 15 consecutive months of net selling on spot exchanges, according to CryptoQuant data covering tokens excluding Bitcoin and Ethereum.

CryptoQuant’s buy-minus-sell volume metric for altcoins outside BTC and ETH dropped to its most negative reading in five years. The platform analyst IT Tech wrote on the data feed: “This is not a dip. It’s 15 months of continuous net selling on Spot Exchanges.” The indicator had nearly returned to neutral in early 2025 before reversing and declining in subsequent months.

CryptoQuant’s 180-day Altcoin Season Index is at 18.48. The firm uses a reading above 20 to mark the start of an altcoin season; a CryptoQuant analyst wrote that “altcoin season begins in earnest” once the indicator surpasses 20.

Joao Wedson, founder of analytics firm Alphractal, argued many altcoins that fell in 2025 and early 2026 may avoid new lows as large holders accumulate while smaller investors exit. He wrote that a rise in Bitcoin dominance could come mainly from the top 20 altcoins and stablecoins, with capital rotating in a selective way.

A trader known as Crypto Kid predicted a broad altcoin season would likely require a major expansion of liquidity similar to 2020–2021 and suggested such conditions might not appear until around 2028 or 2029.

The two CryptoQuant indicators point in different directions: one shows extended selling pressure on spot markets, the other shows rotation momentum near a historical trigger. Traders cited volume flows, large-holder positions and macro liquidity as variables to watch to determine whether selling eases or rotation into altcoins proceeds.

The altcoin sell/buy volume difference measures net flows on spot exchanges for tokens excluding BTC and ETH; a prolonged negative reading reflects sustained selling pressure. The Altcoin Season Index compares cumulative buy and sell activity across the same group over a 180-day window; CryptoQuant links a reading above 20 with stronger altcoin performance.