Karla Barker 
Immutable’s IMX token fell sharply after a broader crypto selloff tied to the Binance hack. The altcoin lost the $0.12 support and slipped below $0.11, touching $0.106 at its low. It later recovered a little. At press time, IMX traded near $0.11, down 12% on the day. That move was rough even for a market where most altcoins were bleeding. The scale of the drop put IMX among the harder-hit names on the chart.
Derivatives show the stress
Volume jumped 218%, a sign that traders were reducing exposure rather than adding risk. Daily turnover rose to a three-week high of $5.06 million. The derivatives market seemed to drive much of the weakness. On Binance, perpetual sell volume reached 41 million, compared with 39 million in buy volume. Perps bet buying fell to -6 million, which suggests more positions were closed than opened. Open interest for Immutable dropped 8.4% to $16.7 million, its lowest level since September. Derivatives volume rose 268% to $37 million at the same time. Higher volume with falling open interest usually means traders are closing positions to cut risk. In the past, risk-averse sentiment in derivatives has come before short-term shocks and price drops. I think that pattern matters here, though it is not a perfect signal.
Spot withdrawals offer a counterweight
Spot investors moved in a different direction. On 30 October, Immutable’s spot netflow fell to -$0.4 million. That points to more withdrawals than deposits after the Binance hack. Many holders likely moved tokens to cold storage, private wallets, or other safer places. This can be read as bearish at first, but it may also be bullish. Tokens leaving exchanges reduce immediate selling pressure. Lower supply can support scarcity and perhaps help IMX recover from the recent slide. That does not erase the damage, but it gives bulls one argument.
Momentum still points lower
Momentum indicators remain weak. IMX’s relative strength index fell to 26, which puts it in oversold territory. The relative vigor index formed a bearish crossover and moved deeper into negative territory. Together, they suggest the downtrend has strong momentum and may continue. If panic persists after the Binance hack, IMX could revisit $0.10. If the exchange outflows continue, they may absorb some of that pressure. A daily close at $0.12 would clear a path for recovery, but that is not guaranteed.