Overview
- CryptoQuant’s cumulative buy/sell volume difference fell to a fresh multi‑year low by early July, a move first flagged in coverage on Friday that reflects roughly -$209 billion of net selling since mid‑June.
- The metric sums aggressive buy versus sell volume on spot exchanges so a negative reading means more trades hit the bid to sell than lifted the ask to buy.
- TOTAL2, the TradingView index for altcoin market cap excluding Bitcoin, sits near $881 billion and is trading below its 50‑day ($921.5B), 100‑day ($959.9B) and 200‑day ($1.02T) simple moving averages with a neutral daily RSI of about 49.45.
- Market breadth is narrow with only about 30 of the top 100 coins showing positive 90‑day returns, which indicates gains are concentrated in a few outliers rather than broad participation.
- Analysts say the bearish case stands until the cumulative buy/sell metric turns sustainably positive or TOTAL2 reclaims its 50‑day moving average alongside widening breadth, a shift that would signal real returning demand and could reshape capital flows away from Bitcoin and into smaller tokens.