Binance Altcoin Deposits Soar Ahead of Fed Decision

Binance altcoin deposit transactions have surged to an average of approximately 31,800 over seven days, according to recent data from CryptoQuant. This marks a significant increase from July's average of around 8,300 transactions.

While the increase is notable, it's essential to consider that this figure represents the number of deposits made to exchange wallets, not their dollar value. A high transaction count doesn't necessarily indicate selling pressure, as assets entering exchange wallets can be available for trading without being sold immediately.

The latest data from CryptoQuant shows that Coinbase and Bybit have also seen increased altcoin inflow transactions, with 4,700 and 2,700 transactions respectively over the same period.

The sharp rise in Binance's altcoin deposits follows a recovery across digital assets from late-August lows. The TOTAL3 index, which tracks the combined market capitalization of cryptocurrencies outside Bitcoin and Ethereum, has gained more than $136 billion since then.