Altcoin flows on Binance reached a seven-day average of around 31,800 deposit transactions. This figure is nearly four times the level in July, which was 8,300 transactions. Additionally, altcoins on Coinbase rose to 4,700 transactions (up from about 2,200 previously), while Bybit recorded 2,700 transactions, according to analyst CryptoQuant Darkfost.
The increase in deposit transactions indicates growing activity in the cryptocurrency markets, but it does not determine whether the deposited tokens were sold. Darkfost noted that high transaction activity may signify increased participation on exchanges but does not guarantee sales. He stated that the rise in altcoin flows "may be related to selling pressure," although at the time of analysis, such pressure was not unusually high. Darkfost separately mentioned in June that 84% of altcoins on Binance were trading below their 200-day moving averages.
The TOTAL3 index, which tracks the market capitalization of cryptocurrencies excluding Bitcoin and Ethereum, increased by more than $136 billion during the period in question. This may indicate profit-taking by traders, although transaction data does not confirm this. Bitcoin recovered from around $60,000 at the end of August to about $78,000 by September 15 – an increase of approximately 30%. When testing the $60,000 level, over 550,000 BTC passed through deposit addresses associated with Binance and OKX; at that time, CryptoQuant warned that such transfers could indicate potential selling pressure, but do not prove actual sales.
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