According to analytics platform Santiment, 3 altcoins have recently experienced a significant increase in whale activity. According to Santiment, this increase follows the Federal Reserve’s decision to cut interest rates. While all three tokens have seen notable whale transactions, FTM and IMX have stood out with the most significant increases. Thus, potentially signaling a strong accumulation phase for these tokens.
Santiment: Whale trades surged for these 3 altcoins!
Analytics platform Santiment noted notable increases in trades above $100K for Fantom (FTM), Immutable X (IMX) and Basic Attention Token (BAT). As you have been following on Kriptokoin.com, the Fed cut interest rates above expectations. This decision encouraged investment in riskier assets. The decision also coincided with this rise in whale behavior. In this context, Santiment shared the following explanation for these 3 altcoins:
Fantom, Immutable X and Basic Attention Token have all experienced large spikes in whale activity over the past day and a half following the Fed’s rate cuts. This suggests that these altcoins could thrive, assuming Bitcoin and crypto markets continue to grow.
🐳 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
Phantom’s whale trades have shown a sharp increase, represented by the prominent red spikes on the chart. This increased activity indicates the growing interest of institutional investors or large holders in the altcoin FTM. Similarly, Immutable X showing spikes in yellow color signals that whales are accumulating in IMX. It also reveals that it is strategically positioned.
Market reaction to macroeconomic changes
For FTM and IMX, the increase in whale activity seems to be a direct result of the changing macroeconomic environment. Low interest rates provide a more favorable environment for borrowing. This in turn increases market liquidity. This shift is likely prompting whales to reassess their positions in altcoins such as FTM and IMX. Santiment also notes that these altcoins could perform very well if Bitcoin and the rest of the crypto markets continue to rise.
Increased whale activity does not guarantee future price movements. However, it often serves as an indicator of investor sentiment. Fantom is already testing important price levels. Therefore, it is possible that this increase in large trades could signal potential price movement for the altcoin if market conditions remain favorable. Immutable X, known for its focus on scaling NFTs, could benefit from renewed investor confidence in the NFT sector. The surge in whale trades reflects positive expectations for IMX’s role in the evolving digital asset landscape.
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