According to analytics platform Santiment, three altcoins have seen a notable increase in whale activity in recent times. This increase came after the Federal Reserve’s decision to lower interest rates. Fantom (FTM) and Immutable X (IMX) stand out in particular, indicating that the potential accumulation phase has begun.
Santiment observed a significant increase in the number of transactions over $100,000 for Fantom, Immutable X and Basic Attention Token (BAT). According to Kriptokoin.com, the desire to invest in riskier assets increased after the Fed's interest rate cut. This coincided with the rise in whale behavior. Santiment made the following assessments:
Fantom, Immutable X, and Basic Attention Token have all seen significant increases in whale activity over the past day and a half following the Fed’s rate cuts. This suggests that these altcoins could be on the rise as Bitcoin and crypto markets continue to grow. Fantom’s whale activity is showing a sharp increase, represented by prominent red spikes on the chart, suggesting increasing interest in FTM from institutional investors and large holders. Similarly, Immutable X’s yellow spikes suggest that whales are accumulating IMX.
The increase in whale activity in FTM and IMX is seen as a direct reflection of changing macroeconomic conditions. Low interest rates make borrowing attractive, increasing market liquidity. This could prompt whales to review their positions in altcoins like FTM and IMX. Santiment notes that if Bitcoin and the overall crypto market continue to rise, these altcoin projects could also perform well.
Increased whale activity does not guarantee future price action, but is often seen as an indicator of investor sentiment. With Phantom testing key price levels, this increase in large transactions could signal potential price action if market conditions remain favorable. Immutable X, which focuses on scaling NFTs, could benefit from renewed investor confidence in the NFT sector. The increase in whale transactions reflects positive expectations for IMX’s role in the evolving digital asset ecosystem.
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