Altcoin Activity Mirrors Pre-Peak October 2025 Patterns

Altcoin traders are engaging in conduct last observed prior to the October 2025 market peak. Both spot trading volume and exchange deposit numbers have risen to heights not recorded since the rally toward that high.

At the same time, another measure of altcoin momentum suggests the current surge has not yet reached the official threshold for an altcoin season.

Traders Are Flocking to Altcoins at a Rate Last Seen in 2025

On September 28, Glassnode stated that overall cryptocurrency spot volume currently stands at nearly four times Bitcoin (BTC) spot volume. That ratio is at its greatest point since September 2025.

A larger figure indicates that more trading activity is occurring away from Bitcoin. Per Glassnode, such risk tolerance has frequently aligned with local Bitcoin peaks.

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

Analyst Darkfost noted that Total2, which represents altcoin market capitalization inclusive of Ethereum (ETH), has taken in more than $371 billion starting in June. This amounts to a 45% increase over a matter of months.

The figures further indicate that the rally is broadening across the market. In August, 80% of altcoins listed on Binance were trading under their 200-day moving average. Now, merely 13% remain under that level.

BeInCrypto reported that on September 20, the proportion of altcoins above that trendline was 70%. According to the most recent data, that figure now reaches 87%.

Exchange Inflows Are Repeating Patterns From the Last Market Peak

Darkfost additionally discovered that deposits of altcoins onto exchanges have hit their highest point since October 2025, which was when the market made its previous peak.

On a weekly basis, deposit transactions average more than 22,700 on Binance and 8,300 on Coinbase. An additional approximately 32,000 are distributed among other platforms.

The analyst coupled the deposit figures with a developing bearish divergence on Total2's Relative Strength Index (RSI). This kind of divergence can indicate that buying momentum is weakening.

“This shift points to a form of euphoria taking hold across altcoins. Historically, however, this kind of dynamic isn’t sustainable and eventually runs out of steam,” the analyst said.

Nevertheless, Darkfost pointed out that deposit amounts are still low relative to the beginning of the prior bull market. Earlier in September, BeInCrypto similarly discovered altcoin leverage mirroring the pattern observed before the October 2025 crash.

Capital Is Concentrating on a Handful of Narratives Behind the Broad Gains

CoinGecko data reveals that the breadth metrics conceal an uneven distribution of capital flows this week. Quant (QNT), which was among Monday's leading performers, has climbed roughly 269% across seven days.

The uptick came after The Clearing House selected Quant's Overledger technology for a tokenized deposit network. Hedera (HBAR) has risen almost 27% over the past day.

Meme tokens have taken the opposite direction. Dogecoin (DOGE) is down nearly 9% for the week, and Pepe (PEPE) has dropped approximately 21%. Privacy-focused coins have also weakened, with Zcash (ZEC) falling around 12% in the last 24 hours.

This uneven performance aligns with an Altcoin Season Index that remains at 53.

Altcoin Season Indicator Remains in Neutral Territory

On September 2, Blockchaincenter's Altcoin Season Index shifted from Bitcoin Season to Neutral. The metric measures how many of the top 50 cryptocurrencies outperform Bitcoin over a 90-day period. A score of 75 or higher signifies an altcoin season.

Cryptocurrency commentator Ash Crypto presented a more optimistic outlook. He stated that the OTHERS/BTC monthly chart, which omits the top 10 tokens, has broken a four-year downtrend.

ALTCOINS ARE SHOWING ONE OF THEIR MOST BULLISH SETUPS IN YEARS.

The OTHERS/BTC monthly chart is flashing some major signals:

– Broke out of a 4 year downtrend.
– Formed a new uptrend after the 2026 breakout.
– Confirmed a bullish momentum cross.
– Closely mirrors the setup seen… pic.twitter.com/qNkz2ftaCg

— Ash Crypto (@AshCrypto) September 28, 2026

He further noted that the chart has confirmed a bullish momentum cross and closely resembles the configuration that preceded the 2021 altcoin season.

The index still requires an additional 22 points to confirm an altcoin season. Whether those points arrive before the cautionary signals from Glassnode and Darkfost materialize is the key question as October approaches.