Altcoin exchange deposits have surged to multi-month highs, with weekly averages exceeding 22,700 on Binance and 8,300 on Coinbase in late September 2026. Around 32,000 additional transactions across other platforms point to a broad increase in exchange activity. Such deposits often indicate that holders are preparing to sell, although they can also reflect profit-taking during an uptrend. The Total2 metric, which measures the combined market capitalization of altcoins including Ethereum, has gained more than $371 billion since June 2026, a 45% increase over roughly four months. At the same time, 87% of Binance-listed altcoins are above their 200-day moving averages, up from 13% in August. CryptoQuant head of research Julio Moreno said comparable deposit surges have historically preceded significant volatility, including notable Bitcoin price declines earlier in 2026. A bearish RSI divergence on Total2 adds to the caution: market capitalization is making higher highs while momentum is making lower highs. Binance remains the largest center of activity, while Coinbase's elevated deposits point to simultaneous participation across markets. If deposits approach the nearly 45,000 daily transactions recorded at the July 2026 peak, the selling-pressure interpretation would become harder to dismiss; a plateau or decline could instead indicate continued profit-taking within an uptrend.