Profit-taking among recent altcoin holders had given way to loss-taking by end-October, according to Glassnode, while fewer than half of the major coins in a separate market index were beating Bitcoin over 90 days.
In its Nov. 4 report, the on-chain analytics firm said short-term holders were spending at a profit in about 12% of its more than 300 tracked tokens by end-October, compared with about 80% in late September.
Separately, BlockchainCenter’s Nov. 4 snapshot put its 90-day Altcoin Season Index at 41, meaning fewer than half of its eligible major coins had beaten Bitcoin over that window.
Profitability and relative strength
Glassnode uses short-term-holder spent output profit ratio (STH-SOPR) to measure whether those holders sell at a profit or a loss.
A reading above 1 indicates profitable spending, while below 1 indicates loss-making spending. By end-October, the firm said, typical tracked tokens’ short-term holders were selling at a small loss.
Short-term-holder profit share and Bitcoin priceSTH supply in profit is shown as a percentage, and Bitcoin price is shown in thousands of US dollars, so a price value of 100 represents $100,000.
Jan. 1, 2019 – Nov. 3, 2026
CryptoSlateThe 12% figure counts tokens whose short-term holders sold at a profit.
Loss realization shows sellers accepting prices below their acquisition cost. On its own, it cannot determine whether selling pressure is nearing exhaustion or whether continued weakness lies ahead.
The change follows a different market backdrop in September, a month that showed a spot-led rotation into altcoins. The current profitability snapshot captures a subsequent period in which recent holders were accepting losses.
BlockchainCenter, which tracks market breadth through its Altcoin Season Index, compares the performance of its eligible top-50 coins with Bitcoin over 90 days.
The site calls it altcoin season when 75% of that universe outperforms Bitcoin, and the Nov. 4 reading shows 41, sitting inside that neutral band.
A token can gain in dollar terms and still trail Bitcoin if Bitcoin rises faster. Similarly, loss-making spending among recent holders can coexist with a stronger relative return measured over a longer window.
Glassnode’s more-than-300-token spending measure and BlockchainCenter’s top-50 performance test cannot be combined into a single percentage or read as a change in one shared group. The late-September and end-October profitability observations also precede the Nov. 4 breadth snapshot.
Together, they highlight the distinction between a reset in holders’ profits and broader market leadership.
Altcoin profits reset. Broad leadership remains unconfirmed.
Profitable short-term-holder spending contracted across Glassnode’s tracked tokens. BlockchainCenter’s separate November 4 breadth reading was neutral.
Less widespread profitable spending and neutral relative breadth leave fresh altcoin demand unproven.
- Glassnode’s November 4 report says short-term holders were spending at a profit in about 12% of its more than 300 tracked tokens by end-October, compared with about 80% in late September. Glassnode: Idling at Support, November 4, 2026
- BlockchainCenter’s dated November 4 snapshot puts its 90-day Altcoin Season Index at 41, below the 75 threshold for altcoin season and within its neutral band of 26 to 74. BlockchainCenter: November 4, 2026 snapshot
- BlockchainCenter defines altcoin season as 75% of its eligible top-50 coins outperforming Bitcoin over 90 days, excluding stablecoins and asset-backed tokens. BlockchainCenter: November 4, 2026 snapshot
- At BlockchainCenter’s November 4 index reading of 41, fewer than half of its eligible major coins had outperformed Bitcoin over the 90-day window. BlockchainCenter: November 4, 2026 snapshot
- The Glassnode and BlockchainCenter readings describe different universes, observation periods and metrics, so they cannot establish a like-for-like change in one shared cohort. Glassnode: Idling at Support, November 4, 2026 BlockchainCenter: November 4, 2026 snapshot
- Widespread short-term-holder loss realization alongside neutral 90-day relative breadth leaves broad altcoin leadership unconfirmed; neither measure establishes fresh altcoin buying or a durable market bottom. Glassnode: Idling at Support, November 4, 2026 BlockchainCenter: November 4, 2026 snapshot
Glassnode’s observations refer to late September and end-October, reported November 4. BlockchainCenter’s November 4 snapshot uses eligible top-50 90-day returns, excluding stablecoins and asset-backed tokens. Neither is a direct buying measure.
Method: Bars scale the reported approximate 80% and 12% to equal 0–100% axes within Glassnode’s token measure. A separate 0–100 index axis locates 41 and the 75 altcoin-season threshold. Geometry is proportional; no cross-dataset subtraction or exact token counts are derived.
What would make a recovery more convincing
A broader recovery would be more consistent with sustained improvement in spending profitability alongside an expanding share of coins beating Bitcoin. Those developments would address both recent sellers’ realized outcomes and participation in relative gains.
Neither of these two measures directly establishes fresh altcoin demand, so a higher profitability reading alone would leave that part of the recovery case unresolved. The 90-day index also looks backward, so it tests performance over a window.
Glassnode’s more constructive altcoin outlook is conditional on Bitcoin holding support during its retest. Sustained gains in spending profitability and a broader group of altcoins beating Bitcoin would strengthen the recovery case.
Direct evidence of buyers absorbing the selling would address the demand question these indicators leave open.