IMX slips as market panic spreads
Immutable’s IMX token dropped sharply after a Binance hack shook the wider market. Most altcoins lost ground, but IMX was among the harder-hit names on the chart. The token lost the $0.12 support and then broke below $0.11, touching a low near $0.106. It later recovered a little. At the time of writing, IMX was trading around $0.11, down about 12% on the day.
The selloff came with a jump in activity. Volume rose 218%, which points to heavy selling as traders cut exposure. Daily turnover climbed to a three-week high of $5.06 million. That is not the kind of move that usually suggests calm positioning.
Derivatives show the stress
A large part of the weakness seems to have come from derivatives. Coinalyze data showed perpetual sell volume on Binance reached 41 million, compared with 39 million in buy volume. Perps buying fell further into negative territory, to -6 million. That suggests more positions were closed than opened.
Futures flows told a similar story. CoinGlass data showed Immutable’s open interest fell 8.4% to $16.7 million, the lowest level since September. The drop came as derivatives volume rose 268% to $37 million. Falling open interest with rising volume often means traders are closing positions and reducing risk. In the past, this kind of risk-off move in derivatives has sometimes come before short-term price shocks.
Spot withdrawals offer a counterpoint
Spot investors moved in a different direction. On 30 October, Immutable’s spot netflow dropped to -$0.4 million. The withdrawals rose after the Binance hack, which suggests some holders moved tokens off exchanges to cold storage, private wallets, or other places they viewed as safer.
That can be read as a small positive. Tokens leaving exchanges may reduce immediate selling pressure. Lower available supply can help scarcity, though it does not guarantee a quick rebound. I think it is too early to call this a clear turning point.
What could come next for IMX
Momentum indicators still lean bearish. IMX’s Relative Strength Index fell to 26, putting it in oversold territory. The Relative Vigor Index also formed a bearish crossover and moved deeper into negative territory. Together, these signals suggest the downtrend still has force.
If the panic continues after the Binance hack, IMX could revisit $0.10. If exchange outflows keep up, they may absorb some of the pressure. A daily close at $0.12 would clear a path toward recovery. For now, bulls are trying to hold the line, but the derivatives market is not offering much comfort.
