Altcoin Volume Surges to Near 4x Bitcoin’s in Highest Ratio Since September

Altcoin spot trading volume has surged to nearly four times that of Bitcoin, reaching its highest ratio in over a year. According to Glassnode, an on-chain analytics firm, this significant increase is part of a broader altcoin rotation trend. In the seven days ending September 22, 72.5% of altcoins tracked by Glassnode outperformed Bitcoin, a marked improvement from August's comparable figure of just 39%. This surge in spot activity has some analysts wondering if it may signal local price peaks for Bitcoin itself.

Glassnode noted that similar spikes in altcoin volume relative to Bitcoin have historically coincided with local price peaks for Bitcoin. However, the leverage picture tells a different story, with negligible growth in altcoin perpetual futures open interest over the past month. Additionally, data from Glassnode shows a marked rise in altcoin deposits flowing to exchanges, which is often seen as a precursor to selling.