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Altcoin profit share sinks to 12% as short-term traders take losses

Glassnode's end-October profitability reset and BlockchainCenter's neutral November 4 breadth reading leave a broad altcoin recovery unconfirmed.

Gino Matos
By Gino Matos
Reporter CryptoSlate
2 min read

Quick Take

  1. Profitable short-term-holder spending covered about 12% of Glassnode's tracked tokens at end-October, down from 80% in late September.
  2. BlockchainCenter's Nov. 4 index of 41 leaves fewer than half of eligible major coins outperforming Bitcoin over 90 days.
  3. Different token universes and time windows leave fresh altcoin buying and a durable market bottom unconfirmed.
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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.

BitcoinShort-term-holder profit share and Bitcoin price

STH 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
Chart by CryptoSlate

Source: Glassnode chart supplied by the article

View dataHide data
Short-term-holder profit share and Bitcoin price
DateSTH supply in profit (%)Bitcoin price (USD thousands)
27.73.9
24.23.8
12.73.6
11.53.6
10.23.5
14.63.5
30.63.7
49.23.8
48.83.9
55.23.8
61.33.9
68.54
70.94.2
87.54.6
89.25.1
89.15.3
87.65.3
86.35.5
96.76.6
93.27
92.68
91.58.2
82.98.1
81.28.4
96.29.7
92.611.1
89.911.5
84.810.9
74.610.7
6610
72.410.5
84.111
69.810.9
62.910.2
57.79.9
61.110
60.810.3
54.69.4
33.88.9
18.18.3
198.3
16.18.2
16.68.1
37.68.1
34.59
18.88.4
10.97.8
7.37.4
11.97.5
8.77.1
117
18.37.3
18.77.2
37.47.2
60.88.3
60.68.7
73.18.8
82.69.7
88.49.9
859.8
67.89.2
46.58.4
40.18.3
10.86.2
15.26.3
21.56.4
33.37
32.76.9
42.47.4
72.28.2
81.29.2
81.99.2
80.59.2
77.39.4
86.59.6
78.39.5
69.39.4
65.39.3
54.69.1
62.29.2
59.59.2
70.510
95.310.5
95.711.3
95.111.7
89.211.7
83.511.5
76.310.9
56.510.4
63.110.6
61.710.6
5910.6
64.110.9
83.411.7
89.112.3
97.612.9
96.414.3
96.615.7
97.517.2
92.918.2
91.518.2
88.618.6
88.820.6
96.724.1
9828.4
94.434.4
89.536.9
83.634.5
76.932.8
82.137.5
96.743.1
96.751.5
87.450.5
87.950.1
92.553.9
93.957.2
88.854.6
9155.2
91.759.3
87.858.9
72.257.9
71.853.4
80.755.5
62.154.8
32.448.8
27.336.6
25.736
24.236.6
24.135.5
12.534.4
13.633.4
11.833.4
8.732
16.233.5
43.836.6
5341.7
64.444.1
6746.5
70.247.7
72.148.8
65.247.9
60.445.7
46.643.8
51.544.4
68.544.5
9657.6
91.960.9
88.260.3
89.263.1
89.262.1
69.160.7
60.256.3
53.253.2
3451.1
27.847.7
32.548.2
31.848.2
14.944.1
9.142.4
5.638.8
8.337.4
18.440
25.540
26.240.2
20.240
23.940.5
19.239.7
28.840.1
53.943.8
61.844.7
49.142.5
21.941.3
18.439.4
1338.8
11.233.6
8.233.6
8.129.7
9.829.9
16.829.9
14.126.1
4.923.5
8.320.5
10.120.2
17.920.4
22.221.1
3221.8
36.922.4
4023
43.623.3
28.422.4
19.521.2
8.520
24.420.4
22.220.4
8.119.2
11.219.4
16.519.5
12.219.3
17.719.1
28.719.1
43.820.3
28.320.3
6.916.5
10.816.3
26.716.6
32.216.9
3017
23.316.9
19.916.6
35.816.5
66.517.6
8517.9
93.922
92.923.1
88.122.5
89.223
88.823.7
76.522.2
68.521.8
70.321
95.526.3
93.527.7
92.928.7
93.329
83.528.7
81.228.2
82.128.4
7227.7
61.826.8
6426.8
62.726.9
51.426.2
47.625.9
68.526.6
93.730.4
87.730.3
85.430.4
73.430
65.829.3
62.7Not reported
58Not reported
36.228.1
2128.1
2126.5
16.625.5
22.425.9
35.626.4
40.326.1
53.527.4
50.527.4
63.830.2
92.831.4
97.634.6
96.136.1
94.736.5
93.536.7
94.939.8
95.340.5
88.642.3
88.842.4
87.542.7
87.944
85.444.4
67.141
59.741
74.942.1
78.942.7
9649.2
94.854.3
95.758.3
97.566.3
87.567.6
84.865.4
86.866.5
86.867.9
81.266.8
69.364.8
65.661.9
5860.5
57.360.5
67.661.5
84.666.5
80.768.5
80.868.1
69.366.5
56.263.7
36.262.1
30.458.9
2759.9
61.462.3
69.866.3
54.765
25.758.5
23.459.3
35.460.5
31.460.1
12.556.1
25.656.6
4160.1
6562.9
52.364.2
52.462.7
76.963.5
90.667.2
9168.3
92.270.1
96.675.6
94.988.6
90.495.2
9196.8
92.5100.7
78.899.4
71.194.9
71.896.2
73.896.8
7593.3
90.1102.3
82.5100.4
69.899.4
59.795.8
53.390
42.990
34.585.4
26.483.7
29.383.7
29.384
21.580
20.980
30.283.5
53.788.6
62.594.3
71.694.6
91.6103
93.1106.8
88.1106.1
83.7104.7
85.2106.1
75.2103.4
78.3104
91.1107.2
93.3107.5
93.5117.1
92117.5
87.5115.2
85.4117.5
84.3117.1
72.7116
59.7112.2
56.8108.9
68.1113
71.8113.7
61.3113.3
63.7108.6
68.9117.5
45116.7
36.2113
34.9113
14.3104.4
6.797.7
2.591.8
887.1
12.489.1
13.788.3
8.587.4
8.586.3
19.189.7
30.791.2
3491.5
17.490.3
9.478.4
4.274.4
4.266.8
5.466.3
6.967.2
11.468.5
17.669.7
20.670.6
15.368.1
14.568.1
30.970.1
42.173.7
4975.6
53.377.9
61.578.2
61.878.7
49.777.4
35.470.8
10.266.8
8.762.9
9.263.3
660.9
13.960.7
20.462.3
27.163.7
31.564.4
28.463.7
32.863.3
31.263.3
42.363.5
88.577.9
84.378.4
78.877.9
73.877.9
88.778.9
93.183.7
81.282.9
76.181.8
71.681.3
55.679.2
4776.9

The 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.

Related Reading

Altcoin spot volume nears 4x Bitcoin’s as ETF inflows shrink across five sessions

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 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.

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Editorial credits

Gino Matos
Gino Matos
Reporter CryptoSlate

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain…

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