PiCK
Binance Altcoin Deposit Transactions Near 4 Times July Level, Raising Potential Selling Pressure
Summary
- An analysis said Binance's altcoin deposit transactions over the past seven days rose about 3.8 times from July, warranting caution over potential selling pressure.
- Darkfost said increased altcoin deposit transactions at major exchanges including Coinbase and Bybit, not just Binance, could signal potential selling pressure.
- Darkfost said TOTAL3 increased by more than $136 billion, while uncertainty ahead of the Clarity Act and the Federal Reserve (Fed) rate decision could trigger profit-taking.
Forecast Trend Report by Period
Altcoin deposit transactions flowing into Binance have risen to nearly four times their July level, prompting an analysis that investors should watch for potential selling pressure.
Darkfost, a cryptocurrency analyst, wrote on Sept. 15 that Binance recorded an average of 31,800 altcoin deposit transactions a day over the past seven days. That was about 3.8 times the July daily average of 8,300.
Deposit transactions also increased at other major exchanges. Coinbase saw altcoin deposit transactions rise from 2,200 to 4,700 over the same period, while Bybit climbed to 2,700.
The increase in altcoin deposits headed to exchanges could signal a buildup in potential selling pressure, Darkfost wrote. Still, the current level has not yet reached an abnormally high reading, meaning the trend bears further watching.
Over the same period, TOTAL3, which tracks the cryptocurrency market capitalization excluding Bitcoin and Ether, increased by more than $136 billion. Darkfost also said lingering uncertainty ahead of a procedural vote in the U.S. Senate on the Clarity Act and the Federal Reserve's interest-rate decision could spur profit-taking after the recent gains.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.