Immutable’s IMX rose 13% over the past day as trading activity and derivatives positioning strengthened, although the rally’s durability remains uncertain. CoinMarketCap data showed volume increasing more than 105% to $30 million, with HTX, Binance and Upbit collectively generating more than 30% of market volume. HTX and Upbit together accounted for 19.66%, suggesting significant participation from Asian investors. The Open Interest-weighted Funding Rate, which combines capital committed to perpetual contracts with the balance between long and short positions, remained positive at 0.0040%. Net capital inflows into the perpetual market reached $243,000 over 24 hours. However, spot Netflow showed $364,000 of selling, while liquidations totaled about $31,000 for long positions and $21,000 for short positions. The neutral sentiment indicator shows that neither bulls nor bears have established clear conviction, leaving spot selling and comparatively higher long liquidations as key risks to IMX’s continued upside.