CryptoSlate
Glassnode said short-term holders were spending at a profit in about 12% of its more than 300 tracked tokens by the end of October, down from about 80% in late September. Separately, BlockchainCenter's Nov. 4 Altcoin Season Index stood at 41, meaning fewer than half of its eligible major coins had outperformed Bitcoin over 90 days.
Why it matters
The readings capture different parts of the market, not a single shared group. Glassnode's figure tracks the share of tokens where short-term holders sold at a profit; BlockchainCenter compares eligible top-50 coins' 90-day performance with Bitcoin. Their universes and observation periods differ, so the figures cannot be combined into one measure.
A Glassnode STH-SOPR reading above 1 indicates profitable spending, while a reading below 1 indicates sellers are realizing losses. That loss-taking shows recent holders accepting prices below their acquisition costs, but it does not tell whether selling pressure is close to exhaustion or weakness will continue.
Market impact
BlockchainCenter defines altcoin season as at least 75% of its eligible coins outperforming Bitcoin over 90 days. A reading of 41 sits in its neutral band of 26 to 74. An altcoin can rise in dollar terms and still trail Bitcoin if Bitcoin gains faster.
Together, the indicators show weaker short-term-holder profitability and no broad relative outperformance. A more convincing recovery would pair improving spending profitability with a growing share of coins beating Bitcoin. Neither metric directly establishes fresh buying, and the 90-day index looks backward. Glassnode's more constructive outlook is conditional on Bitcoin holding support during its retest.
Frequently asked questions
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What does Glassnode's 12% altcoin profit share measure?
It measures the share of Glassnode's more than 300 tracked tokens whose short-term holders were spending at a profit by end-October.
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How did the short-term-holder profit share change?
It fell to about 12% by end-October, compared with about 80% in late September.
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What does a BlockchainCenter Altcoin Season Index reading of 41 mean?
Fewer than half of its eligible major coins outperformed Bitcoin over 90 days. The reading is within the index's neutral band of 26 to 74.
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Why can't the Glassnode and BlockchainCenter readings be combined?
They cover different token groups, observation periods and metrics. Glassnode tracks spending profitability, while BlockchainCenter compares eligible top-50 coin returns with Bitcoin over 90 days.
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What would make an altcoin recovery more convincing?
Improving short-term-holder spending profitability alongside a growing share of coins outperforming Bitcoin would strengthen the recovery case. Neither measure directly confirms fresh buying.
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