Large investors' massive movements are shaking up the Chainlink (LINK) ecosystem. In the past 24 hours, Chainlink's trading volume has surged by 3,373%, drawing attention even amid the cryptocurrency market's downturn. This dramatic change occurred amid liquidations of approximately 636.4 billion won ($458 million) in the overall cryptocurrency market.
According to on-chain data platform IntoTheBlock, Chainlink recorded approximately 596,300 LINK traded in a single day, with large transfers amounting to about 1.06 trillion won ($762.7 million). This is the highest level in the past week and the largest scale in almost three months. Large transfers refer to transactions exceeding 139,000 won ($100,000) per unit, typically interpreted as activities by large holders known as 'whales'.
This surge occurred immediately after the Chainlink Token's *unlock* event. Data analysis platform Lookonchain reported that "approximately 248.9 billion won ($14.98 million) worth of 17,875,000 LINK moved from non-circulating wallets to Binance". Additionally, whale tracking platforms reported that about 34.86 million won ($2.49 million) worth of 1,999,999 LINK was transferred from an unidentified wallet to Binance.
However, the overall market trend is declining. Coinglass reported that liquidations in the entire cryptocurrency market reached approximately 636.4 billion won ($458 million) in a single day. Chainlink's price also dropped 3.13% in 24 hours, recording 17,600 won ($12.66).
Meanwhile, the US Federal Reserve recently maintained its benchmark interest rate at 4.25-4.5%, hoping to mitigate inflation. Christopher Waller, a Fed board member, mentioned in a CNBC interview that "rate cuts could be discussed as early as July", temporarily raising market optimism, but selling pressure subsequently increased.
It remains to be seen whether these whales' rapid movements are mere speculation or strategic preparation based on Chainlink's future supply. However, it is undeniable that institutional and large holders are showing cautious steps amid this unusual flow of large-scale token unlocks and transfers in a short period.
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