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Altcoin spot sell pressure hits 5-year high at -$209b

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Altcoin spot sell pressure hits 5-year high at -$209b

Cumulative spot selling pressure across altcoins, excluding Bitcoin and Ethereum, has reached a five-year extreme, according to data released by CryptoQuant, marking one of the most persistent distribution phases in recent market cycles.

Summary

  • Cumulative altcoin buy-sell difference excluding BTC, ETH widened to about -$209b over 13 straight months, the most sell-dominant phase in 5 years.
  • Indicator was near $0 in Jan 2025 before prolonged selling, signaling structural outflows, fading retail demand, and little visible institutional accumulation in altcoins.
  • BTC trades well below its Oct 2025 ATH, while altcoin spot markets remain under pressure, with past cycle reversals only emerging after sustained net buying replaces directional sellin

The cumulative buy-sell difference for altcoins now stands at negative 209 billion, reflecting 13 consecutive months of net selling on centralized exchanges, the data showed.

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In January 2025, cumulative buy and sell pressure across altcoins was roughly balanced, marking the last point where demand matched supply, according to the analysis. Since then, altcoins have recorded a cumulative negative 209 billion in net sell pressure over the following 13 months, with limited evidence of sustained buying activity.

Bitcoin currently trades well below its October 2025 all-time high. While Bitcoin has retraced from peak levels, altcoins have experienced stronger structural pressure, the data indicated. The absence of net positive inflows suggests retail participation has declined, with capital rotation toward major cryptocurrencies occurring earlier in the cycle, according to market observers. Institutional accumulation in altcoins remains limited, the data showed.

Bitcoin trading as alt-coin difference expands

A cumulative negative 209 billion reading signals that supply has consistently exceeded demand, though it does not automatically indicate a market bottom, analysts noted. Extended net selling phases can persist until liquidity conditions improve or new capital enters the market, according to historical patterns.

Durable market reversals have historically occurred only after sustained buying activity replaces directional selling, market data shows. Altcoin spot markets remain under pressure and demand recovery has not yet materialized, according to the CryptoQuant analysis.

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Crypto World

ECB To Launch Payment Provider Selection For Digital Euro

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ECB To Launch Payment Provider Selection For Digital Euro

The European Central Bank (ECB) is moving closer to a pilot for a digital euro, with Executive Board Member Piero Cipollone outlining plans to begin selecting payment service providers (PSPs) in early 2026, ahead of a 12-month test scheduled for the second half of 2027.

Cipollone on Wednesday held an executive committee meeting of the Italian Banking Association. He said the pilot would involve a limited number of payment service providers, merchants and Eurosystem staff. Selection of participating providers is expected to start in the first quarter of 2026.

Cipollone said the digital euro will be designed to ensure it protects European card schemes and keeps banks at the core of the Eurozone payments system, according to Reuters.

Pilot could give PSPs an early start

European Union-licensed PSPs will be at the core of digital euro distribution, Cipollone said. For participating PSPs, the pilot offers an early-readiness advantage ahead of a potential broader rollout, including hands-on experience with onboarding, settlement and liquidity management.

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Source: ECB

He added that it also provides clearer visibility on future infrastructure, compliance and staffing costs, helping companies plan investments more accurately.

With direct Eurosystem support and the ability to feed into the design process, participants should gain both operational insight and influence over how the digital euro ultimately takes shape.

Stablecoins are not the only threat to banks, says Cipollone

The digital euro pilot is also intended to protect domestic European payment projects, such as Italy’s Bancomat card network and Spain’s Bizum peer-to-peer system.

“Banks could lose their role in payments not just because of stablecoins but also due to other private solutions,” Cipollone said, pointing to Europe’s heavy reliance on international card networks like Visa and Mastercard.

Source: Zerohedge

He added that the digital euro would be structured to preserve the competitiveness of local systems.

“The cap on the fee that merchants will pay on the digital euro network will be lower than what the international payments network, normally the costlier, charge, but higher than what domestic payments scheme, normally the cheapest, charge,” Cipollone said.

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Cointelegraph contacted the ECB for comment on the PSP selection but had not received a response by publication.

Related: Lagarde early exit report puts ECB succession and digital euro in focus

The news marks a milestone in the digital euro pilot after the ECB officially moved to the next phase of the project in October 2025, targeting a launch in 2029.

The central bank then projected that a pilot exercise could start in 2027 if legislation is put in place during the course of 2026.

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