Chainlink whale transactions rose by over 3,373% in 24 hours, reaching $762.7 million in value amid broader crypto liquidations.
A token unlock saw 17.875 million LINK worth $149 million deposited into Binance, fueling the transfer surge.
The crypto market experienced $458 million in liquidations, with Chainlink's price dropping by 3.13% to $12.66.
Chainlink (LINK) has recorded a sharp rise in whale transactions over the past 24 hours. On-chain data reveals a 3,373% surge in large transfer volume, reaching $762.7 million or 59.63 million LINK. These transfers, each valued over $100,000, marked the highest movement in the past week and nearly the last three months. The timing aligns with a broad market sell-off, which led to $458 million in crypto liquidations.
The sudden spike followed a major token unlock event. Chainlink’s non-circulating supply wallets deposited approximately 17.875 million LINK, worth around $149 million, into Binance. This development significantly contributed to the elevated transaction volume and increased market watch on LINK’s movements.
Whale Alert Flags Notable Activity
Blockchain monitoring platforms have tracked several large transfers during this period. One major transaction involved nearly two million LINK, equivalent to over $25 million, moving from an unidentified wallet to Binance. These transfers indicate strategic shifts among large holders amid uncertain market conditions.
https://twitter.com/lookonchain/status/1936300094326030410
At the moment of writing, the Chainlink price decreased by 3.13% within the past 24 hours at the cost of 12.66 dollars. This is in line with the general situation in the crypto market, as there were some drops in big assets. CoinGlass showed, however, as an additional convincing piece of evidence, the liquidations totaling 458 million dollars.
Additional Macroeconomic Sentiment Pressure Added
Federal Reserve officials have recently complicated the situation even more. At the June meeting, the Fed kept the interest rate at 4.25 to 4.5%. Nevertheless, Fed Governor Christopher Waller indicated that it may reduce the rates in July due to the declining inflation.
Markets were positive to start with, but then later the trend was reversed due to the overriding economic concerns.
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