The current issue with altcoins in crypto is that very few people are willing to continue accumulating spot positions. Coinbase's September holdings report, released on October 2, shows: - Open interest in altcoins has gained an edge relative to BTC, with the ratio rising from an August average of 0.71 to a September average of 0.86, surpassing 1.0 by the end of the month. - BTC's leverage ratio has declined for the fourth consecutive month. - The average market cap of altcoins in September increased by about 22% compared to August. Altcoin prices and derivatives positions have expanded rapidly, but spot buying hasn't accelerated significantly in tandem. This has led to altcoin price movements resembling the following pattern: Step 1: A narrative starts to gain traction, and perpetual contract traders actively increase leverage. Next, the price rise triggers more FOMO-driven positions, causing both market cap and trading volume to expand simultaneously, giving the appearance that the entire sector or project is attracting significant capital. Then, as the rally pauses slightly, funding rates and long liquidations kick in, causing token prices to drop sharply. Unlike the market-making style of DWF back in the day, these coins tend to decline alongside BTC sentiment and have very poor support for sell-side pressure. Crypto needs an altcoin that can give buyers the confidence to hold long-term.