By the end of October, short-term holders were spending at a profit in about 12% of the more than 300 tokens tracked by Glassnode, compared with roughly 80% in late September. BlockchainCenter’s 90-day Altcoin Season Index stood at 41 on November 4, meaning fewer than half of the eligible major cryptocurrencies were outperforming Bitcoin. Loss-making spending shows that recent sellers are accepting prices below their acquisition costs, but it does not establish whether selling pressure is nearing exhaustion or whether a durable market bottom is in place. The two indicators cover different token universes, periods and methodologies, and neither directly measures fresh demand for altcoins. A more convincing recovery would require sustained improvement in spending profitability alongside a growing share of cryptocurrencies outperforming Bitcoin.
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