Altcoin Trading Repeats October 2025 Peak Pattern
Glassnode sees more trading outside Bitcoin and rising exchange deposits, while the Altcoin Season Index is still neutral. That suggests the market may be moving toward a local top again.
Key Takeaways
- Altcoin trading is once again showing the same pattern as just before the October 2025 peak, with higher spot volume and more deposits to exchanges.
- Total crypto spot volume is now almost four times Bitcoin spot volume, while Total2 has risen 45% since June.
- Even with the rebound, there is still no official altcoin season; the Altcoin Season Index is at 53, below the required 75.
Altcoin trading is once again showing the same pattern as just before the October 2025 peak. Spot volume and deposits to exchanges have climbed to levels not seen since that period, while the market still does not meet the formal definition of an altcoin season.
More Trading Outside Bitcoin
Glassnode reported on September 28 that total crypto spot volume is now almost four times Bitcoin spot volume. That ratio is at its highest level since September 2025. In practice, this means relatively more trading is happening outside Bitcoin, something Glassnode says often lines up with local BTC tops.
Earlier selective rotation into altcoins already showed that capital can sometimes move out of Bitcoin quickly without there being a broad altseason right away.
Analyst Darkfost pointed out that Total2, the market cap of altcoins including Ethereum, has added more than $371 billion (€326 billion) since June. That works out to a 45% increase in just a few months. Market breadth has also improved further: in August, 80% of altcoins listed on Binance were still trading below their 200-day moving average, while now that figure is only 13%.
Deposits Near Earlier Peak
Exchange inflows are showing the same picture. Darkfost said altcoin deposits have reached their highest level since October 2025, when the market last peaked. On a weekly basis, that comes to an average of more than 22,700 deposits on Binance and 8,300 on Coinbase, with another roughly 32,000 spread across other exchanges.
At the same time, the analyst sees a bearish divergence on Total2's RSI. That suggests upward momentum is fading. He called the current phase a form of altcoin euphoria, although deposit volumes are still below those seen at the start of the previous bull market.
Altseason Still Has Not Arrived
Still, there is no official altcoin season yet. Blockchaincenter moved the Altcoin Season Index from Bitcoin Season to Neutral on September 2. The index measures how many of the top 50 coins beat Bitcoin over 90 days, and a reading of 75 or higher is needed to confirm altcoin season. With the current reading at 53, it is still 22 points short.
That neutral reading fits the broader picture from October 2025, when the market showed a lot of turbulence. In that month, altcoin market cap fell 15% and exchange inflows rose above 70,000, which at the time pointed to heavy selling pressure and weak demand. Bitcoin dominance peaked in the same period at 59.48%, showing how quickly capital shifted toward Bitcoin then.
For European crypto readers, the main takeaway is that this rebound is not playing out evenly across the market. A few names are drawing attention, while other segments are pulling back. That makes the current phase less of a broad altcoin rally and more of a market where traders are taking selective risk.
