That creates an uncomfortable backdrop for some of September's strongest performers. Near Protocol ($NEAR) is trading around $5.29 after gaining approximately 21.7% over seven days, according to the supplied market data. Stellar ($XLM) remains up approximately 9.9% for the week at $0.2236, while $XRP trades around $1.48 after its own substantial September advance.
Is there more to sell?
The problem is that these rallies created a much larger pool of holders sitting on unrealized profits. Moving tokens onto centralized exchanges does not prove that investors will sell, but it puts those assets immediately within reach of market liquidity.
CryptoQuant consequently interprets the surge as evidence of increasing potential sell-side pressure. There are already signs that momentum is becoming less uniform. Despite their strong weekly performances, $NEAR and $XLM are down approximately 2.9% and 1.5% over the latest 24-hour period, respectively, while $XRP has fallen around 1.2%.
The broader environment also warrants caution. CryptoQuant data indicates that Bitcoin spot demand contracted by roughly 170,000 BTC over 30 days, while growth in speculative futures demand dropped about 90% between September 14 and September 29. Recent Bitcoin buyers were also sitting on average unrealized profits of roughly 33%.
None of this confirms that the $XLM, $NEAR and $XRP rallies have definitively ended. But the combination of elevated prices, widespread profits and the highest altcoin exchange-deposit activity in almost a year creates substantially more distribution risk. The next test is whether market demand can absorb those deposits without breaking the support levels established during September's rally.
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