Altcoin selling tops $266B as capital rotates out of crypto: Is altseason extinct?
Altcoins, excluding ETH, hit a record one-year net sell imbalance of $266 billion on centralized exchanges, showing sustained spot selling pressure. At the same time, trading activity remains strong: altcoins made up 51% of Binance futures volume on June 16, ahead of Bitcoin at 28.85% and Ether at 20.20%. That gap suggests capital is being actively recycled within crypto through derivatives rather than entering spot markets. Stablecoin balances on exchanges have stayed fairly steady since late 2024, implying liquidity is still available but being deployed more selectively. Some of that liquidity is rotating into non-crypto exchange products, including metals, oil, equities, and pre-IPO perpetual contracts. Binance has dominated these newer segments, especially pre-IPO contracts, reinforcing its role as the main hub for deployable exchange capital.
