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▲ Altcoins
Altcoin spot trading volume and exchange deposit count have surged to levels seen during the market peak in October 2025. Warnings are emerging that investors' excessive risk appetite could coincide with the formation of a short-term Bitcoin (BTC) peak.
According to crypto media outlet BeInCrypto on September 29 (local time), on-chain analytics firm Glassnode stated that cryptocurrency spot trading volume is approaching approximately four times that of Bitcoin (BTC) spot trading volume. This ratio is the highest since September 2025. Glassnode pointed out, "This preference for high-risk assets has historically often coincided with the formation of local peaks for Bitcoin."
The amount of capital flowing into the altcoin market and the technical rebound are also clear. CryptoQuant analyst Darkfost analyzed that Total2, an altcoin market capitalization indicator including Ethereum (ETH), has absorbed over $371 billion since June, surging by 45% in just a few months. In August, 80% of Binance-listed altcoins remained below their 200-day moving average, but currently, 87% have moved above this trend line, indicating a rally spreading across the market.
Conversely, signs of altcoin selling pressure flowing into exchanges are repeating patterns from past peaks. Darkfost noted that the number of altcoin exchange deposits reached its highest level since October 2025, when the market peaked. The weekly average number of deposit transactions exceeded 22,700 on Binance, 8,300 on Coinbase (Coinbase Global Inc., COIN), and approximately 32,000 on other exchanges.
Experts assessed that the overall deposit volume itself is moderate compared to the early stages of past bull markets, but warned of volatility due to a surge in leverage. The Altcoin Season Index shows a bullish momentum crossover similar to 2021, but it is still 22 points short of the official altcoin season confirmation threshold. As the market approaches October, whether the overheating warning signs identified by Glassnode and Darkfost will materialize is considered a turning point.
[Article Key Summary]
-Altcoin spot trading volume reached 4 times that of Bitcoin, showing the same pattern as just before the market peak in October 2025.
-While the Total2 indicator absorbed $371 billion since June, exchange deposit counts surged to their highest level since October 2025.
-Despite the upward momentum, 22 points remain until altcoin season confirmation, requiring caution regarding short-term correction risks in October.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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