Altcoin Deposits Surge Amid Pivotal Week Ahead of Fed Decision
Altcoin deposit transactions have surged to a seven-day average of 31,800 on Binance, nearly four times July's level of 8,300. This increase comes as traders prepare for key events: the U.S. Senate's cloture vote on the CLARITY Act and the Federal Reserve's September 16 rate decision.
According to CryptoQuant analyst Darkfost, Coinbase altcoin inflow transactions rose from approximately 2,200 to 4,700, while Bybit reached around 2,700. Binance recorded the largest absolute count among the three exchanges.
The influx coincides with a sharp recovery in digital asset prices. Bitcoin has rebounded from around $60,000 in late August to roughly $78,000 heading into September 15, a move of about 30%. The combined market capitalization of cryptocurrencies excluding Bitcoin and Ethereum (TOTAL3) gained more than $136 billion over the period.
Darkfost cautioned that elevated inflow activity does not confirm selling pressure. He emphasized monitoring the trend closely due to the environment's encouragement for quick profit-taking in an uncertain market.