Binance Altcoin Deposit Transactions Surge 4x From July Amid Potential Selling Pressure Concerns

Binance's altcoin deposit transaction volume has risen to approximately four times the level seen in July, prompting analysis about potential selling pressure. Analyst Darkfost reported that over the past seven days, Binance recorded an average of 31,800 daily altcoin deposit transactions, up from a July average of 8,300 transactions—a 3.8x increase.

Other major exchanges also saw rising deposit activity: Coinbase's altcoin deposits increased from 2,200 to 4,700 transactions during the same period, while Bybit rose to 2,700 transactions.

Darkfost noted that increasing altcoin deposits heading toward exchanges could signal potential selling pressure. However, the analyst emphasized current levels are not yet abnormal and suggested monitoring future trends. During the same period, the market capitalization of assets excluding Bitcoin and Ethereum—measured by TOTAL3—rose above $136 billion.

Darkfost also highlighted that with uncertainty remaining ahead of the U.S. Senate's Clarity Act procedural vote and Federal Reserve interest rate decisions, profit-taking movements could emerge from recent gains.