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. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
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.
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.
The 12% figure counts tokens whose short-term holders sold at a profit.