#Altcoin Deposits to #Binance Spike: Sell-Off Ahead or Start of Altcoin Season?

In an unexpected market development, altcoin deposits to Binance have surged to their highest levels since November 2024, raising significant questions across the crypto community. Is this the beginning of a strategic altcoin sell-off, or the ignition point of a new altcoin trading season?

As the broader #crypto market continues to ride the momentum of Bitcoin’s recent rally past $115,000, the parallel uptick in altcoin activity may be a pivotal signal for market direction in August.

Record Altcoin Deposits Raise Eyebrows

According to #CryptoQuant , more than 45,000 individual transactions flooded Binance’s altcoin wallets over a short period. This sudden spike comes after months of relative dormancy in altcoin activity, reigniting debates over whether traders are preparing to sell into strength or capitalize on a fresh wave of market momentum.

"Altcoin inflows into Binance jumped to levels not seen since November 2024," CryptoQuant reported.

Meanwhile, altcoin deposits to other exchanges like Bybit have decreased, and #Coinbase saw only a marginal uptick, pointing to Binance as the central hub for this renewed altcoin action.