IMX, AVAX, HASH Rise Amid Stagnant Major Cryptocurrencies

The biggest cryptocurrencies traded sluggishly as traders awaited the Federal Reserve meeting. Solana's [SOL](https://holder.io/coins/) stood out with near-record open interest in CME-listed futures.

Privacy-focused Monero ([XMR](https://holder.io/coins/)) rose 6% over 24 hours despite a significant blockchain reorganization. Other gainers included IMX, up nearly 13%, AVAX, adding 6%, and HASH, trading 4% higher.
Key market indicators signal increased volatility after the Fed decision.
ETF MVRV ratio climbed to 2.29, with strong institutional bids noted.
Spot cumulative volume delta weakened, indicating a mismatch between momentum and participation, setting the stage for potential retracement or follow-through depending on Fed outcomes.

Derivatives Positioning

Most major cryptocurrencies, including [BTC](https://holder.io/coins/) and [ETH](https://holder.io/coins/), face capital outflows from futures, reducing open interest.
AVAX saw open interest rise over 14% as its market cap targets $13 billion.
Solana's open interest reached a record high, with positive funding rates indicating bullish inflows.
On CME, Solana futures open interest pulled back slightly but maintained an annualized premium above 15%.
[BTC](https://holder.io/coins/) CME open interest is improving, yet overall positioning remains lighter compared to ETH and SOL futures.
The bias for BTC and ETH put options eases across tenors as traders anticipate Fed rate cuts; SOL and XRP options remain bullish.
On Paradigm, block flows featured BTC calendar spreads and shorting of call and put options.

Token Talk

IMX is up 15% in the past 24 hours with daily trading volume doubling to $144 million, reaching a five-month high.
Positive sentiment around Immutable is due to a dropped SEC probe and optimism in the gaming sector, projected to reach $200 billion in revenue this year.
Immutable has partnered with Ubisoft for the next iteration of Might and Magic Fates.
Blockchain technology may enhance gaming by enabling in-game ownership through NFTs.
IMX is currently trading at $0.736, having broken resistance, with potential support testing at $0.70 if trading volumes persist.