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Altcoin spot trading nears 4x Bitcoin as ETF inflows cool

Glassnode data shows 72.5% of tracked altcoins outperformed Bitcoin through Sept. 23, while US spot Bitcoin ETFs drew about $2.4 billion over five sessions.

Reported · Written up by our desk · Market Structure

Altcoin spot volume has surged to nearly four times Bitcoin’s, the highest ratio since September 2025, according to Glassnode data cited by CryptoSlate.

The report also links the rotation to changing flows, with Wintermute saying retail clients on its OTC desk sold BTC last week to fund a move into altcoins.

CryptoSlate noted that US spot Bitcoin ETFs took in nearly $2.4 billion over five sessions, with daily inflows stepping down from $999.0 million on Sept. 21 to $134.5 million on Sept. 25.

Glassnode data further shows 72.5% of the altcoins it tracks outperformed Bitcoin through Sept. 23, and it described the rally phase as mostly spot-driven given limited expansion in altcoin perpetual open interest.

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