Altcoin volume is now 4x Bitcoin's. Is altseason starting, or is BTC warning us of a local top? Something interesting is happening in the market. According to Glassnode, altcoin spot trading volume has climbed to nearly 4 times Bitcoin's volume, reaching its highest relative level since September 2025. At first glance, this looks bullish for altcoins. Traders are moving beyond $BTC , searching for opportunities in $ETH , SOL, XRP and smaller-cap assets that can outperform when risk appetite increases. But there's another side to this story. Historically, aggressive altcoin speculation has sometimes appeared near local Bitcoin market tops. When traders become too eager to chase higher returns, the market can shift from healthy rotation to excessive risk-taking. And here's the important distinction: High altcoin volume does not automatically mean altseason. The Altcoin Season Index currently sits at 53, below the 75 threshold commonly used to confirm altseason. So we have two possible scenarios: Scenario 1: Capital rotates into altcoins, Bitcoin stabilizes, and the rally broadens across the market. Scenario 2: Traders chase risk while $BTC loses momentum, leaving weaker altcoins vulnerable if the market corrects. I'm watching three things closely: → Whether $BTC can hold key support levels. → Whether altcoin volume translates into sustained price strength. → Whether capital continues entering the market or simply rotates between existing positions. Four times the volume is a signal. But the direction of the next move is still an open question. Are we witnessing the beginning of altseason, or could this be a warning that Bitcoin's rally is getting overheated?