PRESENTED BY
OVERVIEW
Stocktwits Crypto Data Dive - Week 39
Welcome to the Stocktwits Crypto Data Dive for Week 39 of 2026! 📊
In this issue, we'll dive into the data to keep you informed about the progress of the overall crypto market and shine a spotlight on emerging and established trends.
What You’ll Find In The Stocktwits Crypto Data Dive has three main objectives:
Total and Altcoin caps, stamped with YTD moves and the gap to ATH.
Seven-layer market-cap recap (TMC ex-stables, ex-top-50, and five more flavors).
Crypto Index Performance covering 12 indices.
The Liquidation Station boards the train with 30-day totals plus a 7-day heatmap for maximum schadenfreude.
Market Heatmap, Social Volume Heatmap, Active Address Heatmap.
ETF scorecards for BTC and ETH still tracking 7- and 30-day flows.
So, without further delay, let's jump right into the data from week 39 and explore its intriguing insights! 🚀
CRYPTO
Crypto Market Cap Update
What is the broader trend within the crypto market? The simplest way to track this is by using three market cap charts. So let's see what we got. 🔭
*the price levels and performance values may be very different from what you read in your mailbox vs. what's happening in the live market. This is especially true when crypto faces a new bull or bear run.
Total Market Cap
All-Time High Close: $4.22 trillion
YTD: -4%
From ATH: -32%
Click to enlarge.
Altcoin Market Cap
All-Time High: $1.73 trillion
YTD: -4%
From ATH: -33%
Click to enlarge.
CRYPTO
Missed An Issue This Week? I Got Ya Right Here 👇
Here’s this week’s Cryptotwits newsletters. That you probably read already. Maybe. Probably.
Tuesday - The Rally Realizes It Needs To Take A Breather 😓
Wednesday - The Squeeze Ran Out of Shorts 😐️
Thursday - Yesterday’s Dip Trips Over Today’s Bid 😂
SPONSORED
PROMOTION
BitcoinIRA Has More Than Bitcoin. A Lot More.
BitcoinIRA gives you access to 100+ cryptocurrencies, one-click crypto bundles, and staking rewards on select assets - all inside a self-directed crypto IRA.
Buy, sell, and swap 100+ cryptocurrencies
Build diversified crypto bundles with automated rebalancing
Earn staking rewards on select assets inside your IRA*
Choose Traditional or Roth IRA options, with tax treatment depending on the account type*
*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.
CRYPTO
Stocktwits Crypto Index RRG
Relative Rotation Graphs (RRG) help us visualize how a currency or sector performs compared to a benchmark - in this case, the U.S. Dollar Index (DXY). Think of the four colored sectors as stages in a race:
Leading Quadrant (green) - You're a champ! 🏆 You're ahead of everyone else, and the crowd is cheering. But watch out; you might be overdoing it.
Weakening Quadrant (yellow) - You're slowing down 😓 and losing your lead. Maybe you're a bit demoralized because your biggest fan didn't show up. You're now in the middle of the pack.
Lagging Quadrant (red) - Disaster strikes! 😱 You're injured, exhausted, or just made a big mistake. You're now in last place, and it's a sad scene.
Improving Quadrant (blue) - Time for a comeback! 💪 Your motivation returns, the music swells, and you're picking up speed. You're back in the middle, catching up with the leaders.
Analyzing the RRG Examples
Example 1: Rapid Rotation
- If an instrument moves quickly through all four quadrants, it could indicate high volatility or erratic behavior. Traders may want to be cautious or use appropriate risk management strategies in such cases.
Example 2: Stuck in the Middle
- An instrument that remains close to the center of the RRG might be in a consolidation phase, lacking a clear trend or momentum. Traders might wait for a decisive move before entering a position.
Example 3: Consistent Leader
- If an instrument stays in the Leading Quadrant (top right) for an extended period, it could signify a strong, sustained uptrend. Traders might consider buying opportunities or riding the trend.
Example 4: Slow Recovery
- An instrument that gradually moves from the Lagging Quadrant (bottom left) to the Improving Quadrant (blue) and eventually to the Leading Quadrant (green) could indicate a slow but steady recovery. Traders might look for potential reversal or bottom-fishing opportunities.
The GIF below shows the past 21 days of movement on the RRG.
The GIF below shows the past 13 weeks of movement on the RRG.
STOCKTWITS
Hey, We Have A Forex Newsletter Now 😱
Written by yours truly. Super data heavy. Right up your alley. 👀
Subscribe!
It’s once a week, on Mondays. Let me know what you think! 👇
CRYPTO
Weekly Total Market Cap (TMC) Performance
Index | Value | Weekly Performance |
|---|---|---|
TMC Excluding BTC and ETH | $841B | +5% |
TMC Excluding BTC and Stablecoins | $885B | +6% |
TMC Excluding BTC, ETH, and Stablecoins | $556B | +8% |
TMC Excluding Stablecoins | $2.57T | +4% |
TMC Excluding Top 10 | $228B | +8% |
TMC Excluding Top 50 | $51B | +11% |
TMC Excluding Top 100 | $8.2B | +11% |
CRYPTO
Weekly Crypto Index Performance
Index | Weekly Performance |
|---|---|
AI | +24% |
Decentralized Finance | +13% |
Decentralized Physical Infrastructure | +16% |
Exchange Tokens | +5% |
Layer 1 | +11% |
Meme | +2% |
Proof-Of-Stake | +10% |
Proof-Of-Work | +11% |
Real World Asset Tokenization | +17% |
Rehypothecated | +9% |
Smart Contracts | +11% |
Stablecoins | +1% |
CRYPTO
Liquidation Station 😱
Interested in how much has been flushed out of leveraged long and short positions? Who’s getting hurt the most? This is the best place to get an idea of how leveraged positions are doing. 🔴
30-day Total Liquidations 📆
What You’re Looking At
Green bars above zero = longs blown out because price fell.
Red bars below zero = shorts blown out because price ripped.
Left-hand scale is U.S. dollars (millions); the dashed line near the top sits at $1B.
30-day Total Crypto Liquidation Chart - Click to enlarge.
August 24 - August 27 - Early two-sided churn, with several sessions carrying roughly $200M-$400M of liquidations on either side. Plenty of leverage. No clear winner.
September 1 - September 2 - One of the larger short-side flushes before the main event, with red notional pushing toward the $450M-$500M area.
September 9 - September 10 - Shorts take another sizeable hit, roughly $350M-$400M, while BTC continues holding the upper portion of its range.
September 14 - Largest long wipe of the period: $571.59M in longs liquidated. A proper reminder that breakout buyers can also discover gravity.
September 17 - September 18 - Short liquidation pressure builds again ahead of the bigger move, with one of the deeper red bars of the month.
September 20 - The monster: $924.8M in shorts liquidated, the monthly low for the short side, as BTC pushes sharply higher.
September 22 - September 24 - Long liquidations rebound into the few-hundred-million range while the market digests the move. The cleanup becomes two-sided again.
Quick read
What You’re Looking At
Rows = coins, columns = timestamps.
Color = head-count of forced liquidations (legend tops at 2,000).
A cell showing “BTC 1,600” means 1,600 separate BTC positions were liquidated.
Weekly Crypto Liquidation History Heatmap - Click to enlarge.
September 18 20:00 - BTC opens near the hot end of the scale, with ETH, SOL, ZEC, and BNB also elevated. The week begins with leverage already loaded.
September 20 04:00 - September 20 20:00 - Broad heat builds across BTC, ETH, SOL, XRP, and ZEC. This lines up with the monthly window’s largest short-side event around September 20.
September 21 12:00 - DOGE and several major rows flare alongside BTC and ETH, with multiple cells pushing toward the 2,000-trader cap.
September 22 20:00 - September 23 12:00 - Another synchronized burst across BTC, ETH, SOL, XRP, ZEC, NEAR, and UNI. Majors lead. The rest arrive shortly afterward with impeccable timing.
September 24 04:00 - September 24 20:00 - BTC, ETH, XRP, ZEC, NEAR, and ONDO all show elevated trader counts, with several yellow/orange cells.
September 25 12:00 - Activity cools across much of the board, though BTC, ETH, and several higher-beta names remain active.
Some Interesting Insights 👓
Both sides got cleaned out, but the month produced two clear landmarks: $571.59M in long liquidations on September 14 and $924.8M in short liquidations on September 20.
The weekly heat-map confirms participation stayed elevated around and after the September 20 short squeeze.
BTC, ETH, SOL, XRP, and ZEC remained the primary transmission chain for leverage stress.
Daily notional was two-sided for most of the month, then became sharply short-skewed when BTC accelerated higher.
Early-warning rule: when BTC starts pushing out of a range while BTC/ETH/SOL rows turn orange together, the short book is no longer merely crowded. It is becoming fuel.
|
Get the app Real-time alerts, live earnings calls, your personalised feed - the best experience is on mobile.
|
Get In Touch 📬
Email me, Jonathan Morgan, feedback; I’d love to hear from you. 📧
Follow me on Stocktwits 🫂 And Sponsor this newsletter 😎
Terms & Conditions 📝
Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital, and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The Content is to be used for informational and entertainment purposes only and the Service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on Content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which Content is published on the Service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍
Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋