Altcoin spot trading volume is running at nearly four times Bitcoin's level, its highest reading since September 2025, Glassnode said. Its Sept. 23 weekly report showed that 72.5% of tracked altcoins outperformed Bitcoin over the prior week, while 24-hour spot volume across exchanges had risen 121% from its August low. The seven-day average remained about 30% below its level a year earlier. Glassnode said the advance has involved limited leverage: altcoin perpetual-futures open interest barely increased over 30 days and fewer than half of markets added positions. It said spot-led buying reduces the likelihood of a forced-selling wave, though a broad increase in open interest would indicate overheating. Bitcoin was trading above its $77,000 True Market Mean, with $96,700 identified as the next major on-chain resistance at the mean MVRV price. Separately, CryptoQuant contributor Darkfost cited rising altcoin exchange deposits, a $371 billion increase in TOTAL2 since June and a bearish RSI divergence as competing signs for the broader altcoin market.