BitForex Founder Garrett Jin Acquires $9.1M in HYPE Tokens Amid Exchange Collapse

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 53 minutes ago

IMX-0.059%

HYPER-7.156%

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Significant Token Acquisition: Garrett Jin, founder of the now-defunct BitForex exchange, has purchased approximately 145,050 HYPE tokens valued at around $9.05 million over the past four days, demonstrating his capital maneuvering ability following the exchange's collapse.
TWAP Order Strategy: Jin has set up a TWAP (Time-Weighted Average Price) order to acquire an additional 39,940 HYPE tokens worth about $2.44 million, a strategy aimed at minimizing market impact and maintaining anonymity, reflecting his deep understanding of market dynamics.
Market Reaction and Impact: The price of HYPE tokens has seen a slight uptick since Jin began his purchases, although analysts caution that the thin liquidity makes it susceptible to large orders, potentially leading to increased market volatility.
Regulatory Scrutiny: Jin's movement of funds has attracted attention from regulatory observers, especially as many former BitForex users are still awaiting restitution, raising concerns about potential asset concealment or money laundering investigations.

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Technical Analysis for IMX

Technical Sentiment Analysis for Immutable (IMX). As of , Immutable (IMX) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for IMX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, IMX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Immutable (IMX) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.126	0.142	0.157	0.173	0.187	0.203	0.217
Fibonacci	0.142	0.154	0.161	0.173	0.184	0.192	0.203

About IMX

Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security.Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Chris Clay, the game Director of Gods Unchained, a project already building on Immutable, stated that Immutable allows Gods Unchained to implement a new meta-system that was previously impossible. In this fashion, Immutable aims to create a world-class experience for users and developers alike.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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