Chainlink (LINK) Rockets 299% in Whale Moves Amid $693 Million Market Sell-off

According to on-chain data, Chainlink has seen a 299% surge in whale moves over the last 24 hours, even as the broader crypto market fell.

According to IntoTheBlock data, Chainlink's large transaction volume, which indicates whale activity, increased by 299% in the last 24 hours, reaching 6.71 million LINK, or $101.4 million.

The crypto market remained downbeat on Friday, with losses in Bitcoin and other major cryptocurrencies as traders anticipated the Fed's favored inflation indicator, the core PCE.

A combination of macroeconomic uncertainty, profit-taking and liquidations led to a $703 million liquidation in the crypto market over the last 24 hours. High-leverage traders were struck, with longs accounting for the majority of liquidations at $640 million and shorts coming in at $64 million.

On the economic front, investors will await new inflation data, with the Federal Reserve's preferred inflation gauge, the personal consumption expenditures index, slated to be released on Friday at 8:30 a.m. ET.

Market sentiment remained cautious, with total crypto market capitalization dipping to $3.31 trillion as of press time.

Chainlink update

Chainlink's price dropped amid market volatility, trading down 9.58% in the last 24 hours to $14.33 and down 16% over the past week. Chainlink ranks as the 13th largest cryptocurrency, with a market capitalization of $9.45 billion.

In positive news, Coinbase would be utilizing Chainlink proof of reserve to boost the transparency of over $4.6 billion worth of cbBTC reserves. Proof of Reserve helps Coinbase ensure cbBTC reserves are verifiable on-chain, with data published on Base and Ethereum. Proof of reserves also empowers users to integrate cbBTC across the DeFi ecosystem.