Binance Sees 4x Surge in Altcoin Deposits Amid Growing Selling Pressure
Altcoin deposit transactions into Binance have surged nearly four times from July, sparking concerns about potential selling pressure. According to Darkfost, a cryptocurrency analyst, the exchange recorded an average of 31,800 altcoin deposit transactions per day over the past seven days, up from 8,300 in July.
This significant increase is not limited to Binance alone; Coinbase and Bybit also saw rising altcoin deposit transactions. The growth in deposits could signal a buildup of potential selling pressure, although Darkfost notes that the current level has yet to reach an abnormally high reading.
Over the same period, TOTAL3, which tracks the cryptocurrency market capitalization excluding Bitcoin and Ether, increased by more than $136 billion. This rise comes as uncertainty lingers ahead of a procedural vote in the U.S. Senate on the Clarity Act and the Federal Reserve's interest-rate decision, potentially prompting profit-taking after recent gains.