分析师：山寨币狂热出现首个警示信号，上涨动能可能正减弱

CryptoQuant analyst Darkfost noted in a post that on-chain data shows the altcoin market may be entering a more critical phase. Altcoins have recently attracted massive capital inflows; since June 2026, Total2 — the metric tracking the combined market capitalization of altcoins (including Ethereum) — has absorbed over $371 billion in funds, surging 45% in just a few months. This sudden surge in altcoin demand is also reflected in the number of Binance-listed altcoins trading above their 200-day moving average (DMA), a key indicator for measuring market trends. In August this year, roughly 80% of Binance’s altcoins traded below their 200 DMA; that figure has now fallen to 13%, meaning 87% of altcoins on the Binance platform have reversed their prior downtrend and entered a bullish momentum phase. This shift signals a degree of mania emerging in the altcoin market. However, historically, such rallies tend to be unsustainable and gradually lose momentum. Additionally, altcoin deposits to exchanges have now risen to levels not seen since October 2025, when the previous market cycle peaked. The average weekly deposit count for Binance has exceeded 22,700, Coinbase’s stands at over 8,300, and other exchanges combined account for roughly 32,000. That said, compared to the start of the last bull market, the current volume of altcoin inflows to exchanges remains relatively limited. Still, these signals warrant close monitoring — especially as Total2’s Relative Strength Index (RSI) has recently started showing a bearish divergence, further suggesting the altcoin market’s upward momentum may be weakening.