Just 36 of the top 100 altcoins are keeping their holders in profit, while Bitcoin has climbed roughly 28% over the same two-year stretch. A Glassnode signal turned positive on September 22, but the broader Altcoin Season Index still sits well below the level that would confirm a real rotation.
Only 36 of the top 100 altcoins currently have holders sitting in profit, according to data from Glassnode and CryptoQuant. Bitcoin, meanwhile, has risen roughly 28% over the past two years, turning the gap between BTC and the broader altcoin market into something closer to a canyon than a gap.
Losses run deep across the market
About 84% of Binance-listed altcoins are trading below their 200-day moving averages. The median mid-cap altcoin has declined approximately 74% over the two-year period ending September 2026 — meaning $10,000 put into a typical mid-cap token two years ago would be worth roughly $2,600 today.
That underperformance traces back to an October 2025 liquidation event that triggered net outflows from altcoins, and those outflows haven't meaningfully reversed. The altcoin market capitalization, excluding Bitcoin, took a steep hit during the first half of 2026 before managing partial rebounds.
A signal turns positive, but the season index lags
Glassnode's Altcoin Cycle Signal flipped to favor altcoins on September 22, 2026, with its seven-day average reaching 81.25. The signal measures whether capital is beginning to rotate from Bitcoin into the broader crypto market.
Yet the Altcoin Season Index sits at roughly 48-49 points, well below the 75-point threshold that typically marks the start of a confirmed altcoin season.
What's keeping some tokens afloat
The October 2025 liquidation event appears to have shaken out a significant amount of speculative capital, leaving a more cautious investor base. The tokens that have managed to stay profitable for their holders tend to share common characteristics: they demonstrate established utility and measurable revenue generation rather than relying on speculative narratives.
Traders watching for a potential altcoin recovery should treat the Altcoin Season Index as the primary confirmation tool — a sustained move above 75 would be the first credible signal that a broader rotation is underway. Until then, the 48-49 reading suggests Bitcoin dominance has room to persist.
Source: Crypto Briefing
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