According to onchain analytics platform CryptoQuant, altcoin exchange deposits have surged dramatically, reaching a total of 78,000 transactions in one week as of September 28. This marks a 160% increase from just 29,800 transactions recorded on September 14.
The number of unique addresses sending altcoins to exchanges has also seen a sharp rise, climbing from approximately 17,600 to around 51,600 during the same period. This increase is the highest since October 2025, suggesting a broad-based influx of altcoin deposits.
CryptoQuant highlights that when holders transfer their coins to exchanges, it often indicates an intention to sell, raising concerns about potential selling pressure in the market.
In contrast, Bitcoin's market dominance has remained relatively stable, fluctuating between 58% and 60% since late May. Despite recent highs above $87,000, Bitcoin's share of the total crypto market capitalization has not significantly increased.
Additionally, smaller altcoins have gained traction, with their market share reaching its highest level since February, as evidenced by Glassnode's Altcoin Cycle Signal metric, which currently favors altcoins over Bitcoin.