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Immutable’s IMX dropped 12% on October 30, 2026, trading near $0.11 after the altcoin lost its $0.12 support level and briefly fell to $0.106, according to AMBCrypto. The move came as a Binance hack drove a broad altcoin selloff across the market.
AMBCrypto reported that trading volume jumped 218% as traders cut exposure, with daily turnover reaching a three-week high of $5.06 million.
Also read: THORChain's RUNE Gains Over 13% as Binance Hack Funds Pass Through
Key facts
- IMX fell 12% on the day to trade around $0.11, after breaching $0.12 and touching $0.106.
- Binance perpetual sell volume on IMX reached 41 million against 39 million in buy volume, per Coinalyze data cited by AMBCrypto, while perps net buying fell to -6 million.
- Open interest dropped 8.4% to $16.7 million, its lowest since September, while derivatives volume rose 268% to $37 million (CoinGlass).
- Spot netflow fell to -$0.4 million on October 30 as investors moved tokens off exchanges.
- The Relative Strength Index (RSI) fell to 26, in oversold territory, and the Relative Vigor Index (RVGI) made a bearish crossover.
Derivatives selling led the decline
AMBCrypto attributed the drop largely to weakness in the derivatives market as risk sentiment flipped. The combination of heavier volume and falling open interest points to traders closing positions to reduce risk rather than opening new ones, which the report said has historically accompanied short-term price shocks.
The longer-term positioning picture was already thinning: open interest at $16.7 million was the lowest level since September, and the shift came with a sharply higher derivatives turnover of $37 million.
Spot holders pulled tokens off exchanges
Spot investors moved in the opposite direction to derivatives traders. On October 30, Immutable’s spot netflow fell to -$0.4 million as holders moved tokens off exchanges into cold storage, private wallets or other venues, particularly after the Binance hack.
That outflow can be read two ways. It shows caution about keeping assets on a hacked exchange, but it also reduces the supply immediately available to sell, which can help scarcity and support a recovery.
Why it matters
The divergence between derivatives and spot behavior is the central tension for IMX holders. Futures traders are reducing risk, which tends to amplify short-term price moves, while spot withdrawals shrink the float on exchanges. For traders, the market’s reaction to the Binance breach now sets the tone for altcoins like IMX that had little margin above their support levels. The drop took IMX below $0.12, a level the asset had been holding, and the oversold RSI signals heavy recent selling rather than a settled bottom.
What to watch
AMBCrypto framed the next move around two thresholds: if risk-averse sentiment persists after the Binance hack, IMX will revisit $0.10; if the exchange outflows continue, they could absorb some of the selling and let the token close a day at $0.12, opening a path to recovery. Daily spot netflow and open interest levels are the data points to follow.
This is not financial advice; crypto markets are volatile and uncertain, and price forecasts are not guarantees.
Reported by AMBCrypto.
Source: AMBCrypto