CryptoQuant analyst Darkfost reported that the surge in exchange activity extends beyond Binance, with Coinbase inflows reaching 4,700 transactions and Bybit recording 2,700. While these figures indicate heightened participation, they do not confirm active selling. Deposits sent to exchange wallets can signal potential liquidation, yet analysts note that current pressure remains within expected ranges despite the broader market recovery.
In section Cryptocurrency
Binance Altcoin Inflows Surge Ahead of CLARITY Act and Fed Decision
Altcoin deposit activity on Binance has spiked to a seven-day average of 31,800 transactions, marking a near fourfold increase from July levels as markets brace for a pivotal Senate vote on the CLARITY Act and an anticipated Federal Reserve interest rate hike.
The timing of this activity aligns with significant legislative and economic milestones. The U.S. Senate is set to hold a cloture vote on the CLARITY Act, requiring 60 votes to advance the crypto market-structure legislation. Simultaneously, markets are pricing in a 93% probability of a September rate hike following the Federal Reserve’s policy meeting concluding Wednesday. These events have created a volatile backdrop for altcoins, which have seen a collective market capitalization increase of more than $136 billion since late August.
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