Altcoin Trading Volume Is Nearly 4X Bitcoin. Is the Rotation Beginning, or Is the Market Getting Too Crowded?

Altcoin spot trading volume has climbed to almost four times Bitcoin’s, the highest ratio since September 2025, according to Glassnode. Around 72.5% of tracked altcoins also outperformed Bitcoin over the latest seven-day period in the data.

The wider market is expanding too. TOTAL2, which tracks crypto market capitalization excluding Bitcoin, has gained more than $371 billion since June. It now stands around $1.17 trillion.

Key Takeaways

• Altcoin spot trading volume has reached almost 4x Bitcoin’s, while 72.5% of tracked altcoins recently outperformed BTC.
• TOTAL2 has gained more than $371 billion since June, reaching about $1.17 trillion, a roughly 45% increase.
• Exchange deposits are rising, with weekly averages above 22,700 on Binance and 8,300 on Coinbase, adding a potential source of selling pressure.

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Altcoins Are Taking A Much Bigger Share Of Trading

The four-times figure does not mean four dollars are flowing into altcoins for every dollar entering Bitcoin. It measures trading activity, showing that traders are turning over altcoins at a much higher rate.

The shift has also spread across the market. Glassnode found 72.5% of tracked altcoins beat Bitcoin, up from 39% during the August squeeze.

CryptoQuant data also shows about 87% of Binance-listed altcoins trading above their 200-day moving averages.

$371 Billion Has Returned To The Altcoin Market

TOTAL2 has risen about 45% since June, adding more than $371 billion in market value. This gain shows how much capital has moved back into assets outside Bitcoin.

Yet another signal is starting to appear. Weekly average altcoin deposit transactions have climbed above 22,700 on Binance and 8,300 on Coinbase. More than 32,000 additional deposits are taking place across other exchanges.

These transfers do not prove investors are selling but they do increase the amount of altcoin supply sitting on exchanges, where it can be traded or sold.

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The Rotation Is Growing, But Altseason Has Not Arrived Yet

CoinMarketCap’s Altcoin Season Index stood at 62 on September 30. Its methodology requires at least 75% of the top 100 eligible coins to outperform Bitcoin over 90 days before it qualifies as Altcoin Season.

There is also a healthier sign beneath the rally. Glassnode found that altcoin perpetual futures open interest has barely grown over 30 days, with fewer than half of tracked markets adding positions. This means spot trading is doing more of the work than leverage.

That leaves investors with a harder question than simply whether altcoins are entering a new cycle. Which parts of the market still offer attractive valuations, and which have already moved too far? InvestingHaven’s premium crypto research is built around those questions, using market structure, valuation signals and key price levels to separate stronger setups from crowded moves.

The current rotation is broad, but rising exchange deposits show that growing participation can also bring faster profit-taking.