Quant Holders Become Active for the First Time in Three Years

Whales holding Quant (QNT) tokens for more than three years have started transferring their assets to exchanges amid a price surge. Over the past week, QNT increased by 287% and reached a price of $266.75. On-chain data shows that whale transactions on the Quant network have reached a record level. At the same time, the number of new wallets increased after Clearing House selected Quant for its tokenized deposit network on September 24. According to data from Lookonchain, two wallets began moving assets after a long period of inactivity. Wallet 0x6d32 transferred 8,250 QNT, equivalent to approximately $1.88 million, to Binance, while wallet 0xd633 transferred 34,200 QNT worth $8.05 million. Of this amount, 0xd633 has already transferred 9,000 QNT, amounting to $2.12 million, to Coinbase and Kraken.

Additionally, Santiment recorded 645 transactions worth at least $100,000 on the Quant network in one day, marking the highest level on their chart. However, the company urged caution in interpreting what this surge in activity means. "Whale activity confirms that major players are paying attention to the market, but it does not indicate that all whales are buying or selling," the company noted. Interest from retail investors has also increased, with QNT becoming the most viewed asset on CoinGecko on Tuesday.

Network activity increased following the selection of Quant by Clearing House, owned by 25 of the largest US banks. Nevertheless, Santiment claims that the highest level of activity was observed later. As of September 27, the number of active addresses rose from 2,064 on September 24 to 14,458. Additionally, open derivative positions in dollars increased almost ninefold over the same four days. However, in QNT, this increase was about 2.2 times. The change was reflected in the price, with QNT rising to $373 on Binance on Sunday, the highest price since September 2021. However, this peak was 13% below the record mark of $427.42. Santiment did not find any fresh catalysts for the growth and also noted that the token's metrics cannot show whether banks will actually use the Quant network.