Chainlink witnessed a sharp increase in whale activity as the broader crypto market faced significant losses. Large transaction volume surged by 299 percent within 24 hours, signaling aggressive moves by major holders.
According to IntoTheBlock data, whales moved 6.71 million LINK, worth approximately $101.4 million. Large trades took place as investors sold heavily due to sudden market swings.
Rising economic concerns caused turmoil in the world of cryptocurrencies. Traders braced for new inflation data ahead of the release of the U.S. Federal Reserve’s preferred inflation measure.
Afterward, a wave of liquidations followed, wiping out highly leveraged positions. A total of $703 million was removed from the market, $640 million of it from long positions.
During the same timeframe, $64 million worth of short positions were closed as traders experienced losses. This market instability caused the prices of most major cryptocurrencies to drop.
Chainlink’s price decreased by 9.58 percent over the past 24 hours and 16 percent over the week, currently trading at $14.33.
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Coinbase Taps Chainlink to Verify $4.6B cbBTC Reserves
Despite the downturn, Chainlink continues to see adoption from major industry players. Coinbase announced it will use Chainlink’s Proof of Reserve system to improve cbBTC reserve transparency.
The solution will administer $4.6 billion in reserves, displaying its status regularly on Ethereum and Base. With this integration, users should be able to check the real-time backing of tokenized Bitcoin.
Proof of Reserve guarantees that people can publicly check the assets of cbBTC. It also contributes to building trust and making decentralized finance applications more open to users.
Chainlink is currently the 13th biggest cryptocurrency, with a market capitalization of $9.45 billion. The notable rise in whale activity represents more institutions joining the market when conditions are uncertain.
Even with LINK’s price down, the sharp whale movements and Coinbase’s trust in its technology signal continued relevance in the crypto space. It remains to be seen if these whales were hoarding assets or preparing for new movements.
Also Read: Top Coins Fall Sharply While Select Altcoins Record Triple-Digit Gains
