Bitcoin

<h2 id="header-0">Altcoin News</h2>
Spot trading volume now runs close to four times that of Bitcoin (BTC), marking its highest level since September 2025, according to on-chain analytics firm Glassnode. The reading points to spot traders moving toward altcoins.
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/909c3f6d658548bebb0a9b533ae9aa8c.png">
Glassnode <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/glassnode/status/2104592605388669281?s=20">said </a>in a Sept. 28 post on X that “Spot traders are turning to altcoins.” It added that demand for higher-risk assets has often lined up with local tops in <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">Bitcoin</a>. The post did not include a price forecast.
<h2 id="header-1">Altcoin Breadth and Volume Readings</h2>
Glassnode's Bitcoin-focused weekly report, published Sept. 23 with data through Sept. 22, gave earlier readings on the shift. The firm<a target="_blank" rel="noopener noreferrer nofollow" href="https://research.glassnode.com/the-week-onchain-week-38-2026/"> said</a> 72.5% of tracked altcoins outperformed Bitcoin over the previous week, compared with a peak of 39% during the August squeeze.
The report also<a target="_blank" rel="noopener noreferrer nofollow" href="https://research.glassnode.com/the-week-onchain-week-38-2026/"> said</a> 24-hour spot <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/volume">volume </a>across exchanges had more than doubled from its August low, up 121% since the rally began. The seven-day average remained about 30% below its level a year earlier.
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/40bed8b63eec41ae87a8d81e9b70587b.png">
<h2 id="header-2">Leverage Stays Low as Volume Shifts</h2>
Traders have added little<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/leverage"> leverage</a> to the altcoin rally, according to the report. Open interest in altcoin<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/perpetual-contracts"> perpetual futures</a> barely grew over 30 days, and fewer than half of markets added positions, Glassnode said. The same measure rose sharply in most markets during the overheated periods of February 2021 and December 2024.
Related Article: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-price-pulls-back-87k-altcoins-rally">Bitcoin Price Pulls Back From $87K High as Altcoins Rally — What's Next?</a>&nbsp;
Glassnode<a target="_blank" rel="noopener noreferrer nofollow" href="https://research.glassnode.com/the-week-onchain-week-38-2026/"> said</a> the altcoin rally is driven mostly by spot buying, which makes a sudden wave of forced selling less likely. It<a target="_blank" rel="noopener noreferrer nofollow" href="https://research.glassnode.com/the-week-onchain-week-38-2026/"> added</a> that a broad jump in open interest would signal the move is starting to overheat.
On Bitcoin, the report said price was trading above its True Market Mean of $77,000, and that weekly profit-taking remained a fraction of what it was at the 2024 and 2025 tops. It<a target="_blank" rel="noopener noreferrer nofollow" href="https://research.glassnode.com/the-week-onchain-week-38-2026/"> put</a> the next major on-chain resistance at $96,700, the mean MVRV price.

Spot Volume Nears 4x Bitcoin's as Traders Turn to Altcoins

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