山寨币抛压创五年新高，13 个月净卖出达 2090 亿美元

Core Viewpoint - The pressure on altcoins has reached a five-year high, indicating a significant shift in market dynamics with a notable outflow of retail investor funds [1] Group 1: Market Dynamics - The cumulative buy-sell difference for altcoins, excluding BTC and ETH, has dropped to -$209 billion, reflecting a substantial net selling pressure [1] - In January 2025, this indicator was close to zero, marking the last balance of supply and demand before a continuous 13-month period of net selling [1] Group 2: Investor Behavior - The market structure shows that retail funds have largely exited, and there is no indication of concentrated buying from institutional investors [1] - The analysis suggests that this situation is not a short-term correction but rather a prolonged period of sustained net selling pressure over more than a year, with a clear lack of buying strength [1]