Altcoin sell pressure has surged to its highest level in five years, driven by a significant exit of retail investors from the market. Recent data indicates that centralized exchange (CEX) spot markets have experienced 13 consecutive months of net selling, suggesting a prolonged phase of distribution rather than a temporary dip. This trend highlights a growing caution among smaller holders, who are closing positions instead of accumulating. While retail participation declines, market observers note that "smart money" has shifted focus to more stable or promising assets within the digital asset ecosystem, rather than accumulating altcoins at lower prices. Despite historical patterns where heavy sell pressure preceded major trend reversals, the current cycle shows little evidence of large-scale institutional accumulation in altcoin spot markets. This lack of demand may hinder a swift price recovery, signaling a potential cooling period for altcoins.