In the second week of September, the altcoin season index reached 80 points, officially entering the acceleration phase. This is the phase when Capital often flows into low- Capital altcoins, even when there are no major news events.
on-chain data shows that several altcoins with market Capital below $200 million are experiencing sharp declines in exchange reserves, which typically signals increased accumulation.
1. Euler (EUL)
Euler (EUL) is a permissionless, non-custodial lending protocol on Ethereum. The project launched in 2020 and Capital $40 million from investors such as Paradigm and Coinbase Ventures . In 2023, the protocol was hacked, causing a loss of nearly $200 million.
According to CoinMarketCap, the Token 's current market Capital is $181 million. A recent listing on Bithumb has attracted significant attention from retail investors.
EUL Supply on Exchanges. Source: SantimentData from Santiment shows that the September 5 listing triggered a sharp drop in exchange reserves, which fell to a one-year low. Only 289,000 EUL remain on exchanges, meaning more than 500,000 EUL have left since the August peak.
Additionally, the protocol’s Total Value Locked hit a new high in September, surpassing $1.5 billion. Data from defillama shows that TVL has increased tenfold since the beginning of the year.
This means that the protocol's TVL is seven times larger than its market Capital . Investors may see this as a positive indicator, contributing to the sharp drop in exchange reserves.
“Not many protocols can recover from a $200 million hack. But you have to give Euler Finance credit for the impressive comeback,” commented investor Anze.
2. COTI
COTI is a fast and lightweight security layer on Ethereum. It introduces an advanced and compliant data protection solution on the public blockchain.
COTI ’s market Capital remains below $120 million. The Token ’s price performance has been unimpressive, hovering around $0.05 over the past three months.
However, recent data shows that exchange reserves have dropped sharply over the past two days to 812 million Token, near a yearly low.
COTI supply on exchanges. Source: SantimentThe chart shows a long-term downtrend in exchange reserves, reflecting the price decline. The sideways movement in recent months further reinforces the idea of ongoing accumulation.
If this altcoin season Capital plays out as analysts predict, underperforming Token like COTI could attract renewed attention .
Meanwhile, COTI 's TVL skyrocketed in July, with over 8 million Token locked — equivalent to nearly half a billion dollars.
3. Robonomics Network (XRT)
Robonomics Network is on this list because of the growing interest in combining robots with Token. Experts predict that this field will become a strong candidate for the 2025 altcoin season.
“Crypto x robotics will be the retail investor’s bet on the biggest and most disruptive secular growth trend we’ve ever seen,” predicts Simon Dedic.
Robonomics Network is an open source package for Robotics, Smart Cities and Industry 4.0 developers. XRT has a very small market Capital of under $10 million and low volume , making it very risky .
XRT supply on exchanges. Source: SantimentHowever, data from Santiment shows a positive outlook. The Token price has held around $2 since the beginning of the year, even as exchange reserves have increased. By September, reserves began to decline from their peak, indicating new accumulation.
Some investors believe XRT could increase 100-fold if the robotics industry receives more attention in the coming period.
