Early October brought two Glassnode reads that belong in the same notebook. New capital was arriving in Bitcoin, and the altcoins that had been beating it were carrying more leverage as they started to lag.
Capital that can leave
The week 41 pulse, published 5 October 2026, put hot capital share at 19.5%, up from 18.9% a week earlier, and above its high band. Hot capital is the short-term, price-sensitive share of the network. The short-term to long-term holder supply ratio rose to 14.2% from 13.7%. About 73.6% of supply sat in profit. The realized profit-to-loss ratio was 1.3, so coins being spent were locking in gains more than losses.
Fees, active addresses and transfer volume were also above their high bands. The network was busy. Busy and profitable is still a regime that can reverse when the new buyers are the ones spending.
The alt field lagged with positions still open
In week 40, published 7 October, fewer than three in ten altcoins beat Bitcoin over the latest week. In each of the two weeks before that, about seven in ten had. Open interest against market cap on large-cap altcoins was the highest since the run-up to the October 2025 unwind. Part of that came from prices falling while positions stayed open. The median altcoin’s beta to Bitcoin had fallen back toward one, so a further slide in Bitcoin would hit the field at least as hard.
One move, one risk
A Bitcoin card and an alt card that move together are one risk counted twice. The percent on each card is that one trade. Hold on the assistant adds nothing, even when the alt’s Pivot says Buy. If the $81,000 bids from the 7 October note break, the alt book feels it. Re-read size before you add the second coin.
The card rules are in when the assistant and the Pivot disagree and position size is not a portfolio split.
Takeaways
- As of 5 October, hot capital was 19.5% and about three quarters of supply was in profit.
- By 7 October, most altcoins had stopped beating Bitcoin, with leverage still open.
- Treat coins that move with Bitcoin as one risk. The card percent is that trade only.
CryptoCrispy provides market analytics and trading tools. This article is general information, not personal financial advice. On-chain figures are Glassnode’s, dated in the text, and can be revised. They are not CryptoCrispy performance.