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- Chainlink whales moved $101.4M in 24 hours amid a $703M crypto market crash.
- LINK price dropped 9.58% as large holders increased activity and traders faced heavy liquidations.
- Coinbase boosts cbBTC transparency with Chainlink’s Proof of Reserve on Ethereum and Base networks.
When the crypto market dropped sharply, Chainlink saw a surge in whale activity. An impressive 299 percent increase in whale activity saw LINK move a total of $101.4 million.
IntoTheBlock’s analysis of on-chain information showed that large holders moved a total amount of 6.71 million LINK during this time. This event occurred at the same time as massive sell-offs in the market and investors having fewer risks to take.
In the past 24 hours, the crypto market has experienced $703 million worth of liquidations. Long positions accounted for $640 million of that total, while shorts made up $64 million.
Despite an increase in whale activity, the price of Chainlink went down. LINK fell by 9.58 percent over the last 24 hours, reaching $14.33 in price.
Over the past week, the token has lost 16 percent of its value. Its current market capitalization stands at $9.45 billion, ranking it as the 13th largest cryptocurrency.
The market dropped due to worries about the release of the core personal consumption expenditures index, which the U.S. Federal Reserve favors as a measure of inflation.
As a result, investors sold off their holdings, which led to liquidations and a decrease in the market’s trust. Therefore, the total crypto market value moved to $3.31 trillion.
Coinbase Boosts cbBTC Transparency with Chainlink Integration
Another recent announcement saw Coinbase stating it will make use of Chainlink’s Proof of Reserve method. There are cbBTC reserves worth more than $4.6 billion that are included in the integration.
It lets you quickly verify that enough assets are available in reserve on both blockchains. This will make cbBTC more straightforward and will see greater use in DeFi.
The system verifies that every cbBTC is fully secured and can be viewed on the blockchain. As a result, there is additional protection for both users and investors interacting with crypto assets.
While costs are still high, Chainlink is accelerating its use across the market. Larger numbers of institutions joining the market can encourage lasting belief despite the currency’s price fluctuations.
Several Chainlink whales shifted their holdings by more than $101 million, while retail traders took significant losses on a volatile day. Coinbase’s use of Chainlink tools improves openness and trust in the blockchain.
Also Read: Nasdaq Shocks Crypto World With Bold Move to Launch Sui Token ETF
