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In the cryptocurrency market, while the US Clarity Act vote and the Fed’s September interest rate decision are being closely watched, there is noteworthy activity ahead of these developments.
Altcoin Trading on Binance Nearly Quadrupled!
At this point, CryptoQuant analyst Darkfost explained that there has been a significant increase in altcoin deposits to centralized cryptocurrency exchanges. He specifically noted that activity on Binance has increased to approximately four times the level seen in July.
According to the analyst’s data, the seven-day moving average of altcoin deposit transactions on Binance has risen to 31,800. This represents an increase of approximately 3.8 times compared to the average of 8,300 transactions last July.
Other major exchanges also saw similar increases in altcoin transactions, although the rise was more limited. According to data shared by the analyst, altcoin deposit transactions on Coinbase increased from approximately 2,200 to 4,700, while on Bybit the number rose to around 2,700.
A $136 Billion Increase!
The analyst noted that the activity on the stock exchanges coincided with the strong rise in the cryptocurrency market. According to the analyst, TOTAL3, an indicator that tracks the total market capitalization of cryptocurrencies other than Bitcoin and Ethereum, increased by over $136 billion during that period.
Analyst Warns: Eyes on Clarity Act and FED Decision
The analyst added that with the US Senate’s procedural vote on the Clarity Act and the Federal Reserve’s interest rate decision, there is a possibility of taking profits along with recent gains due to the continuing market uncertainty.
The analyst notes that the increase in altcoin inflows alone does not indicate extraordinary selling pressure, but emphasizes that market uncertainty persists and that the trend in the amount of altcoins flowing into exchanges should be closely monitored in the coming days.
“…While this increase in entry transactions may not be abnormally high at the moment, it could be linked to selling pressure that needs to be considered.”
However, it is worth noting that it encourages quick profit-taking in an uncertain market.”
*This is not investment advice.
Source: cryptonews.net