Altcoin Traders Are Repeating Patterns Last Seen Before the October 2025 Top

Altcoin traders are repeating behavior last seen before the October 2025 market top. Spot volume and exchange deposits have both climbed to levels unseen since the run-up to that peak.

Meanwhile, a separate gauge of altcoin strength shows the rally has yet to meet the formal definition of altcoin season.

Traders Crowd Into Altcoins at a 2025 Pace

Glassnode reported on September 28 that total crypto spot volume now runs nearly 4 times Bitcoin (BTC) spot volume. The ratio sits at its highest level since September 2025.

A higher reading means more trading is taking place outside Bitcoin. According to Glassnode, this kind of risk appetite has often coincided with local Bitcoin tops.

"Demand for higher risk like this has often lined up with local tops in BTC," it said.

Analyst Darkfost said Total2, the altcoin market cap including Ethereum (ETH), has absorbed over $371 billion since June. That equals a 45% rise in a few months.

The data also shows the rally spreading across the market. In August, 80% of Binance-listed altcoins traded below their 200-day moving average. Only 13% remain below it now.

The share of altcoins above that trend line stood at 70% on September 20, BeInCrypto reported. The latest data puts it at 87%.