Altcoin spot trading volume has climbed to nearly four times Bitcoin’s level, reaching its highest ratio since September 2025, according to Glassnode data reviewed on September 25. The shift coincides with a sharp deceleration in US spot Bitcoin ETF inflows over five consecutive trading sessions, falling 86.5% from $999 million on September 21 to $134.5 million by September 25.
Wintermute, the algorithmic digital asset liquidity provider, published an OTC desk report on September 28 indicating that retail clients are selling Bitcoin to fund altcoin purchases. The pattern reflects a broader rotation among existing holders rather than an influx of fresh stablecoin capital, according to Glassnode analysis. Altcoin deposits to exchanges have reached their highest level since October 2025, while the stablecoin market capitalization stands at $306.4 billion, up 0.89% over 30 days.
Breadth and Momentum Metrics
Through September 23, 72.5% of altcoins tracked by Glassnode were outperforming Bitcoin, compared to 39% during August. Binance-listed altcoins trading above their 200-day moving averages reached 87%, up sharply from 20% in August. The altcoin market excluding Bitcoin has added $371 billion in value since June, a 45% increase.
Altcoin perpetual futures open interest barely expanded over the prior 30 days, with fewer than half of tracked markets adding positions, indicating the rally is mostly spot-driven rather than leveraged. Glassnode notes that similar bursts of aggressive risk-taking have historically coincided with local Bitcoin tops.
Exchange Activity and Deposit Flows
Weekly average altcoin deposit transactions reached 22,700 on Binance, 8,300 on Coinbase, and 32,000 across other venues combined. Bitcoin spot cumulative volume delta on September 28 totaled $17.3 million, while perpetual futures delta stood negative at $261.5 million. Futures open interest reached $38.9 billion on the same date.
Bitcoin Price and On-Chain Positioning
Bitcoin supply in profit rose to 74% on September 28, up from 69.3% a week earlier. The realized profit-to-loss ratio jumped 79.6% to 1.4, indicating holders are crystallizing gains at elevated prices. Bitcoin reached a recent high of $87,000 and is capped by the $82,500 level, with Glassnode identifying $95,000 to $97,000 as the next major resistance zone. The True Market Mean level sits at $77,000.
US spot Bitcoin ETF inflows totaled $2.4 billion over the five-session window from September 21 to 25, averaging $477 million daily. Ethereum ETF inflows over the same period reached $602.8 million, while Bitcoin products accounted for 80% of combined BTC and ETH ETF inflows.
External Risk Factors
The 10-year Treasury yield touched roughly 5.23% on September 25. The Federal Reserve raised its policy rate range to 3.75% to 4.00% on September 16. Wintermute identifies oil prices, interest rates, and the possibility of another Federal Reserve hike as main external threats to the current regime. Brent crude moved above $107 on September 28.
Wintermute states that breadth has stretched to a level where weeks that followed were flat to negative in more than 80% of comparable cases, with early-cycle periods as the exception. Glassnode’s rolling weekly reading of Bitcoin ETF inflows is near $2.7 billion and is described as the largest inflow in almost a year.
