Altcoin Exchange Deposits Surge to Two-Year High

The number of altcoin exchange deposits has surged to its highest level in nearly two years, according to data from CryptoQuant.

A total of 78,000 altcoin deposit transactions were recorded on exchanges over a seven-day period ending September 28. This represents an increase of approximately 160% from the previous two weeks.

The number of addresses sending altcoins to exchanges has also risen significantly, reaching around 51,600, its highest tally in nearly a year.

CryptoQuant noted that this surge in exchange deposits may indicate that holders are preparing to sell their altcoins. The platform warned that when holders move coins to exchanges, they usually intend to sell.