Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) have had a surge in whale activity lately. As per Santiment, this spike follows the decision to cut interest rates by the Federal Reserve.
While all three altcoins saw notable whale transactions, FTM and IMX stood out with the most substantial increases, potentially signaling a strong accumulation phase for these tokens.
Whale Transactions Spike for FTM and IMX
Santiment noted that there were appreciable increases in transactions over $100k for Fantom and Immutable X. The Fed’s decision to cut interest rates, which frequently encourages investment in riskier assets, coincided with this upsurge in whale behavior.
Fantom, Immutable X, and Basic Attention Token all have had major spikes in whale activity over the past day and a half following the Fed's interest rate cuts.This suggests that these altcoins can thrive, with the assumption Bitcoin and crypto markets continue their growth. pic.twitter.com/Q7onpxdVPI
— Santiment (@santimentfeed) September 20, 2024
Fantom’s whale transactions showed a sharp rise, represented by prominent red spikes on the chart. This increased activity may indicate growing interest from institutional investors or large holders in the FTM token.
Similarly, Immutable X displayed yellow spikes, suggesting that whales are accumulating or strategically positioning themselves in IMX.
Market Response to Macroeconomic Shifts
The increase in whale activity for FTM and IMX looks to be a direct result of the shifting macroeconomic environment. Lower interest rates offer a more favorable environment for borrowing and can improve market liquidity. This shift may have prompted large investors to reevaluate their positions in altcoins like FTM and IMX.
Santiment’s tweet stated, “Fantom, Immutable X, and Basic Attention Token all have had major spikes in whale activity over the past day and a half following the Fed’s interest rate cuts.”
The firm also noted that these alternative coins might do very well if Bitcoin and the rest of the crypto markets keep going up.
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Potential Implications for FTM and IMX
While the increased whale activity does not guarantee future price movements, it often serves as an indicator of investor sentiment. For Fantom, which has been testing key price levels, this surge in large transactions could signal potential price action if market conditions remain favorable.
Immutable X, known for its focus on scaling NFTs, may benefit from renewed investor confidence in the NFT sector. The spike in whale transactions could reflect positive expectations for IMX’s role in the evolving digital asset landscape.
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