Glassnode: Altcoin profit share drops to 12 percent

Profitable short-term-holder spending covered about 12% of Glassnode’s tracked tokens by end-October, a sharp decline from the 80% recorded in late September, according to the on-chain analytics firm.

In a report dated November 4, 2026, titled “Idling at Support,” Glassnode detailed the shift in market behavior among recent altcoin holders. The firm uses the short-term-holder spent output profit ratio (STH-SOPR) to determine whether holders sell at a profit or a loss. A reading above 1 indicates profitable spending, while a reading below 1 indicates loss-making spending. By the end of October, Glassnode stated that typical tracked tokens’ short-term holders were selling at a small loss.

Loss-taking replaces profit-taking

The 12% figure represents the share of tokens where short-term holders sold at a profit. This metric covers more than 300 tokens in Glassnode’s dataset. The drop from 80% to 12% indicates that sellers have moved from realizing gains to accepting prices below their acquisition cost.

This change follows a different market backdrop in September, which Glassnode described as showing a spot-led rotation into altcoins. The current profitability snapshot captures a subsequent period in which recent holders were accepting losses. Loss realization on its own does not determine whether selling pressure is nearing exhaustion or whether continued weakness lies ahead.

Breadth index remains neutral

Separately, BlockchainCenter’s November 4 snapshot placed its 90-day Altcoin Season Index at 41. This reading indicates that fewer than half of the eligible major coins in its index outperformed Bitcoin over the 90-day window. BlockchainCenter tracks a universe of 41 coins, excluding stablecoins and asset-backed tokens, and compares their performance against Bitcoin.

The site defines altcoin season as occurring when 75% of its eligible top-50 coins outperform Bitcoin over 90 days. The neutral band for the index is defined as 26 to 74. A reading of 41 sits within this neutral band, well below the 75 threshold required to declare an altcoin season. A token can gain in dollar terms and still trail Bitcoin if Bitcoin rises faster, meaning loss-making spending among recent holders can coexist with stronger relative returns measured over longer windows.

Glassnode’s measure and BlockchainCenter’s index use different token universes, time windows, and metrics. They cannot be combined into a single percentage or read as a change in one shared group. The late-September and end-October profitability observations from Glassnode precede the November 4 breadth snapshot from BlockchainCenter. Together, the data points highlight the distinction between a reset in holders’ profits and broader market leadership.

Neither measure directly establishes fresh altcoin demand or a durable market bottom. Glassnode’s 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, but direct evidence of buyers absorbing the selling remains absent from these specific indicators.