According to Woofun AI, altcoin spot trading volume hit a new high in September 2025, approaching four times the size of Bitcoin's, signaling that capital is accelerating its rotation into higher-risk digital assets.
On the macro level, Glassnode noted on September 28 that spot traders are shifting toward altcoins on a large scale. Notably, the "Altcoin Season Index" has climbed to 62%, a sharp jump from 50% a week earlier and 33% a month ago, indicating that mainstream altcoins continue to outperform Bitcoin. Although historical data shows that such capital inflows often precede Bitcoin's peak, trading volume alone is not enough to confirm a market reversal, with the deeper reason lying in the intensification of asset rotation.
Micro-level data further validates this trend. Data compiled by Woofun AI shows that CryptoQuant analyst Darkfost observed that 87% of altcoins on the Binance platform are trading above their 200-day moving average, far exceeding 20% in August, with only 13% below their long-term trend line. Structurally, TOTAL2 market capitalization recorded by TradingView reached $1.17 trillion, growing by $371 billion since June, an increase of about 45%, confirming the overall expansion of non-BTC assets including Ethereum.
Substantive changes in liquidity are reflected in the surge of exchange deposits. The weekly average number of deposit transactions hit a new high since October 2025, with Binance exceeding 22,700, Coinbase (COIN.US) reaching 8,300, and other centralized exchanges at about 32,000. Although deposit activity can indicate both buying and selling, the amplification of spot trading volume combined with an increase in participants suggests that the market is presenting a mix of bullish and bearish signals, and single directional indicators should be viewed rationally.
Comments