Quant (QNT) whales that sat idle for more than 3 years have started moving tokens to exchanges. The transfers arrived as QNT climbed 287% over the past week to $266.75.
On-chain data also shows whale transactions on the Quant network reaching a record high. Meanwhile, new wallets flooded in days after The Clearing House chose Quant for its tokenized deposit network.
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Three-Year Sleepers Send QNT to Exchanges
Lookonchain tracked two wallets that stirred after more than 3 years of inactivity as QNT rallied. The first, 0x6d32, deposited 8,250 QNT worth about $1.88 million into Binance.
The second, 0xd633, moved 34,200 QNT valued at $8.05 million. Of that stash, 0xd633 has already sent 9,000 QNT, or $2.12 million, to Coinbase and Kraken.
At the same time, Santiment counted 645 transactions of at least $100,000 on the Quant network in one day. That marked the highest reading on its chart. Still, the firm urged caution on what the spike means.
“Whale activity confirms that large players are paying attention, but it doesn’t tell us whether every whale is buying or selling,” the firm said.
Retail curiosity grew as well, with QNT topping CoinGecko’s list of most-viewed coins on Tuesday.
Quant’s Network Traffic Peaked 3 Days After the Bank Headline
The activity arrives after the Clearing House, owned by 25 of the largest US banks, selected Quant on September 24. However, Santiment data shows most on-chain activity arrived later.
New addresses hit 7,516 on September 27, about 55 times the weekday average from September 1 to 15. On announcement day, the count stood at 351.
Active addresses followed a similar path, rising from 2,064 on September 24 to 14,458 on September 27. Derivatives traders joined in too. Dollar-denominated open interest rose nearly 9x over those 4 days. Measured in QNT, however, it grew about 2.2x.
The shift was reflected in the price. QNT jumped to $373 on Binance on Sunday, its highest price since September 2021. That peak sat about 13% below the $427.42 all-time high.
Santiment found no fresh catalyst for September 26 or 27. It also noted that token metrics cannot show whether banks will actually use Quant’s network.
The Clearing House backed network is not due to open until the first half of 2027. Meanwhile, Santiment said cooling prices and consolidation would create a healthier setup than another near-vertical run.
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Source: BeInCrypto
