According to Woofun AI, the volume of altcoin spot trading reached a new high in September 2025, approaching four times the size of Bitcoin, indicating an accelerated rotation of capital towards high-risk digital assets.
At the macro level, Glassnode noted on September 28 that spot traders are massively switching to altcoins. Notably, the “Altcoin Season Index” has climbed to 62%, a sharp jump from 50% a week ago and 33% a month ago, indicating that mainstream altcoins continue to outperform Bitcoin.
Although historical data shows that Bitcoin was often accompanied by such capital inflows before peaking, transaction volume alone is not enough to confirm market reversals. The underlying reason is the deepening of asset rotation.
Microdata further validates this trend. According to data compiled by Woofun AI, CryptoQuant analyst Darkfost detected that 87% of altcoin trading prices on the Binance platform are on the 200-day moving average, far exceeding 20% in August, and only 13% are below the long-term trend line.
Structurally, the market value of TOTAL2 recorded by TradingView reached 1.17 trillion US dollars, an increase of about 45% since June, an increase of about 45%, confirming the overall expansion of non-BTC assets, including Ethereum.
The substantial change in liquidity is reflected in a surge in exchange deposits. The average number of weekly deposit transactions reached a new high since October 2025, with Binance surpassing 22,700, Coinbase (COIN.US) reaching 8,300, and other centralized exchanges about 32,000. Although deposit behavior has the possibility of both buying and selling, the increase in spot trading volume combined with an increase in participants indicates that the market is showing a pattern where long and short signals coexist, and a single directional indicator needs to be viewed rationally.