Altcoin Exchange Deposits Surge 160% in Two Weeks, Warn of Potential Sell-Off
Altcoin exchange deposits have reached their highest transaction count in nearly a year, according to CryptoQuant. The seven-day total of altcoin deposit transactions on exchanges tracked by CryptoQuant reached 78,000 on September 28, marking a 160% increase from around 29,800 two weeks prior.
The number of addresses sending altcoins to exchanges also reached its highest tally in nearly a year at around 51,600. CryptoQuant noted that this surge in exchange deposits is broad-based and warned that holders may be preparing to sell.
CryptoQuant attributed the increase in exchange inflows to a potential obstacle to further short-term gains for Bitcoin (BTC). The BTC price has pulled back since briefly topping $87,000 last week, and shifts in exchange order-book liquidity have been cited as a potential issue.