Glassnode reports shift from Bitcoin to altcoin season amid broader rally

Altcoin season is officially on the scoreboard, at least by one widely-watched measure. Glassnode’s Altcoin Cycle Signal climbed to 86 on June 22, comfortably clearing the 50-point threshold that marks the boundary between Bitcoin dominance and altcoin outperformance. The catch: a meaningful chunk of that signal was powered by Bitcoin falling roughly 18% in the month leading up to the reading, not by altcoins suddenly becoming irresistible. What the signal actually says Glassnode’s Altcoin Cycle Signal measures how altcoins are performing relative to Bitcoin. When the number sits above 50, altcoins are winning the relative performance race. When it’s below, Bitcoin is the one taking home the trophy. Glassnode flagged that the move was driven significantly by Bitcoin’s pullback rather than by explosive, independent demand for altcoins. The firm also noted that altcoins had essentially “run out of sellers” after nearly two years of sustained downward pressure. By July 4, Glassnode issued an updated read confirming the signal remained firmly in altcoin season territory, this time with what the firm characterized as genuine strength on both a relative and absolute basis. The September ...