Alts bull run accelerates in September: volume share surpasses Bitcoin and Ethereum, four major signals indicate a comprehensive explosion.

Multiple signs indicate that the altcoin season has entered an accelerated phase. With the share of altcoin trading volume surpassing Bitcoin and Ethereum for the first time, the Altcoin Season Index (ASI) has reached a new high for the year. The TOTAL3 chart pattern suggests a significant breakthrough, and major exchanges are accelerating the listing of coins, with market liquidity significantly flowing into altcoins, signaling a potential comprehensive bull run that could bring substantial returns.

Alts volume share surpasses BTC and ETH

Market analysts Maartunn and CryptoQuant have shown that since the beginning of September, the trading volume of alts has significantly increased, while the trading volume of Bitcoin and Ethereum has declined during the same period. This rare signal clearly indicates that funds are flowing from higher market cap cryptocurrencies to altcoins.

Specific data shows that the spot trading volume of alts has increased to 37.2%, while the shares of Ethereum and Bitcoin have decreased to 31.8% and 30.9%, respectively. This shift is typically a manifestation of the capital rotation cycle in the cryptocurrency market: funds first flow into Bitcoin, then to Ethereum, and finally accelerate into mid- and small-cap alts.

(Bitcoin dominance, Bitcoin price and altcoin market cap comparison | Source: TradingView)

In addition, as Bitcoin prices fell in September, its market dominance also declined. Meanwhile, the total market capitalization of alts has been rising, further confirming that the current market preference is leaning towards altcoins.

The Altcoin Season Index (ASI) reached a new high in 2025

The altcoin season index (ASI) from Blockchain Center is a key indicator for determining the altcoin season. The index has soared to 80 points, reaching its highest level in 2025.

The ASI measures the performance of the top 50 cryptocurrencies (excluding stablecoins) relative to Bitcoin over the past 90 days. When more than 75% of alts outperform Bitcoin, the index confirms that the market has entered altcoin season. The current reading of up to 80 points confirms that alts are dominating the market.

Analyst Lau pointed out that the acceleration phase of the alts season can typically last from 17 to 117 days. During the acceleration phase, the ASI may even rise to a perfect score of 100, reflecting the market's strong preference for high-risk altcoin investments.

TOTAL3 forms a large bullish triangle formation

From a technical analysis perspective, the third important signal comes from the TOTAL3 chart (which represents the total market capitalization of cryptocurrencies, excluding Bitcoin and Ethereum). This chart has been forming a huge bullish triangle over the past four years and is currently on the verge of a breakout.

TOTAL3 is testing its historical monthly high, accompanied by a synchronized rise in volume and price, and is making a push towards the resistance level. Once it breaks through $1.16 trillion, it will officially signal a strong acceleration of the altcoin season, with a pattern similar to the cycles of 2019-2021.

Simon Dedic, the founder of MoonrockCapital, believes that this is the most important structural signal in the current market. He emphasized that if TOTAL3 successfully sets a new high, investor confidence will be greatly boosted, and at that point, there will be no historical resistance levels to reference; the upper limit of the rise will completely depend on the retail investors' FOMO (Fear of Missing Out) momentum.

Exchange Accelerates Coin Listing Trend

The rise in altcoin liquidity has also fueled the wave of new coin listings on exchanges in September.

• The leading local CEX in South Korea is launching new tokens almost daily to maintain its market share, such as LINEA, PUMP, HOLO, OPEN, WLD, FLOCK, and RED.
• Another South Korean local CEX has also listed EUL, WLFI, LINEA, and PUMP.
• The leading CEX in the US has listed KMNO, DOLO, LAYER, SPX, AWE, and WLFI.

These listing events have increased the liquidity of alts, attracted a large amount of speculative funds, and increased the volume. The positive feedback loop between listing news and rising volume is further accelerating the progress of the altcoin season.

Conclusion

Based on an analysis of on-chain data, technical analysis, and market behavior, the current altcoin market is in an extremely bullish environment. While this acceleration period offers tremendous potential opportunities for investors, it also comes with very high risks. While chasing high returns, investors should always remain cautious and fully recognize the challenges that market volatility may present.