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OVERVIEW
Stocktwits Crypto Data Dive - Week 40
Welcome to the Stocktwits Crypto Data Dive for Week 40 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 40 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: -2%
From ATH: -32%
Click to enlarge.
Altcoin Market Cap
All-Time High: $1.73 trillion
YTD: -2%
From ATH: -33%
Click to enlarge.
CRYPTO
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Wednesday - THE PEOPLE v. UPTOBER 🔨
Thursday - Everything You Need To Know About Q4 🧠
Friday - Credit Unions Minted A Middle Finger 😆
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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.
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CRYPTO
Weekly Total Market Cap (TMC) Performance
Index | Value | Weekly Performance |
|---|---|---|
TMC Excluding BTC and ETH | $828B | 0% |
TMC Excluding BTC and Stablecoins | $873B | 0% |
TMC Excluding BTC, ETH, and Stablecoins | $543B | 0% |
TMC Excluding Stablecoins | $2.58T | +0.4% |
TMC Excluding Top 10 | $243B | +1% |
TMC Excluding Top 50 | $50B | +2% |
TMC Excluding Top 100 | $8.1B | +3% |
CRYPTO
Weekly Crypto Index Performance
Index | Weekly Performance |
|---|---|
AI | +3% |
Decentralized Finance | +4% |
Decentralized Physical Infrastructure | +4% |
Exchange Tokens | -1% |
Layer 1 | 0% |
Meme | -3% |
Proof-Of-Stake | +1% |
Proof-Of-Work | 0% |
Real World Asset Tokenization | +9% |
Rehypothecated | 0% |
Smart Contracts | 1% |
Stablecoins | 0% |
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.
September 2 - Shorts open the window with roughly $465M liquidated. An energetic way to begin a month.
September 9 - September 10 - Longs lose roughly $350M before shorts answer with around $380M the following session. Balanced suffering.
September 14 - The largest long wipe of the period: $571.59M in long liquidations.
September 17 - Shorts take another heavy hit of roughly $550M-$560M as price pressure builds.
September 20 - The main event: $924.8M in shorts liquidated, easily the deepest red bar of the month.
September 22 - September 27 - Long-side pressure returns, including roughly $440M on September 22 and $400M+ around September 27 as traders reload after the squeeze. Humans remain admirably committed to repetition.
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 26 12:00 - ZEC jumps to roughly 1,500-1,600 liquidated traders, while XRP approaches 800 and ETH/BTC also heat up.
September 27 20:00 - One of the broadest events of the week. BTC and ETH essentially hit the 2,000 cap, SOL reaches roughly 1,400, XRP around 1,300, and XAU also runs hot.
September 28 04:00 - September 28 20:00 - The stress stays elevated. BTC and ETH repeatedly approach the ceiling, while ZEC climbs from roughly 1,800 to nearly 2,000 by the later window.
September 29 04:00 - BTC and ETH both hit roughly 2,000 liquidated traders again. ZEC and XRP remain elevated behind them.
September 29 12:00 - LIT becomes the oddball standout at roughly 1,700 liquidated traders while the majors cool. There is always one table in the casino where somebody has misunderstood the assignment.
September 30 04:00 - October 2 04:00 - Repeated majors-led waves return. BTC and ETH hit or approach the 2,000 ceiling several times, with ZEC, SOL, NEAR, and AAVE joining individual bursts.
Some Interesting Insights 👓
The monthly view was two-sided, but the extremes were asymmetric: $571.59M in longs on September 14 versus $924.8M in shorts on September 20.
The weekly map shows leverage participation stayed aggressive even after those large dollar wipes, with BTC and ETH repeatedly reaching the 2,000-trader cap.
ZEC, XRP, SOL, and NEAR acted as the main secondary transmission points once majors heated up.
The interesting divergence is lower daily notional alongside still-high liquidation headcounts. The giant positions may have been cleaned out, but plenty of smaller leveraged positions came right back.
Early-warning rule: when monthly liquidation dollars calm down but BTC and ETH keep hitting the heat-map ceiling, do not mistake smaller bars for a de-levered market.
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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋