Whale Activity Surges for FTM and IMX After Fed Rate Cuts

Whale Activity Surges for Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT)

Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) have experienced a significant surge in whale activity recently. According to Santiment, this spike coincided with the Federal Reserve’s decision to cut interest rates.

Notable Whale Transactions for FTM and IMX

All three altcoins saw increased whale transactions, but FTM and IMX exhibited the most substantial growth, indicating a potential accumulation phase for these tokens.

• Fantom’s whale transactions have sharply risen, marked by prominent red spikes on transaction charts.
• This increase suggests heightened interest from institutional investors or large holders in the FTM token.
• Immutable X also displayed significant yellow spikes, indicating that whales are accumulating or strategically positioning themselves in IMX.

Market Response to Macroeconomic Shifts

The uptick in whale activity for FTM and IMX appears to be a direct result of changes in the macroeconomic landscape. Lower interest rates create a more favorable borrowing environment and enhance market liquidity. This shift may have prompted large investors to reassess their positions in altcoins like FTM and IMX.

Santiment tweeted, “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.” They also noted that these alternative coins might perform well if Bitcoin and the broader crypto market continue to rise.

Potential Implications for FTM and IMX

While increased whale activity does not guarantee future price movements, it often indicates 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, recognized 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.