Everyone thought the FTX collapse was the worst moment in the history of altcoins, but now the data is creating history again.

CryptoQuant's latest data: Currently, 38% of altcoins are trading near historical lows, worse than after the FTX explosion.

But the more terrifying aspect isn't this number, it's that buyers have disappeared.

In the past 13 months, altcoins have seen a cumulative net sell-off of 209 billion in the CEX spot market.

In January 2025, buying and selling were still basically balanced; since then, it has been a one-way decline with no signs of reversal, "this is not a correction, buyers have disappeared."

CryptoQuant's Bull Score index has dropped to zero, a historical low.

Now it's a bear market, BTC has halved from $126K last October to around $65K now, and altcoins are worse off, with most having dropped over 80%.

Funds have mainly gone in two directions, $BTC and stablecoins.

No institutions are quietly accumulating altcoins like before, no smart money is positioning, and after retail investors flee, what’s left is a mess.

So will there still be buyers for altcoins in the future? 🤔