Market data from Glassnode indicates that total crypto spot volume is now nearly 4 times that of Bitcoin. This ratio has reached its highest level since September 2025, signaling increased risk appetite among traders. Analysts note that such behavior has historically coincided with local Bitcoin market peaks.
The altcoin market cap, excluding Bitcoin, has grown by $371 billion since June, representing a 45% increase. Market breadth has also improved, with 87% of altcoins listed on Binance trading above their 200-day moving average as of late September, compared to 20% in August.
Exchange deposits for altcoins have hit their highest volume since October 2025. Weekly deposit transactions currently average over 22,700 on Binance, 8,300 on Coinbase, and approximately 32,000 across other platforms. Analysts point to a bearish divergence on the RSI as a potential sign of fading momentum.
Capital flows remain uneven across the sector. Quant surged 269% over seven days following a technology partnership, and Hedera rose 27% in 24 hours. Conversely, Dogecoin fell 9% and Pepe dropped 21% over the week. The Altcoin Season Index currently sits at 53, remaining below the 75-point threshold required to confirm an altcoin season.
