According to on-chain data, Chainlink (LINK) whale moves have skyrocketed 3,373% over the last 24 hours. The surge coincides with a sell-off in the broader crypto market, resulting in $458 million in liquidations.

Per IntoTheBlock data, Chainlink saw a massive increase in the volume of large transactions, which are defined as transfers of more than $100,000.

In the recent 24 hours, large transaction volume, which suggests whale or large holder activity, increased 3,373.02% to $762.7 million, or 59.63 million LINK. This is the highest figure in the past seven days and nearly three months.

The surge follows Chainlink's token unlock, which saw Chainlink non-circulating supply wallets deposit 17.875 million LINK (valued at $149 million) into Binance. Over the last 24 hours, large movements were detected by blockchain data trackers. Whale Alert reported in recent hours that "1,999,999 LINK worth $25,094,489 was transferred from unknown wallet to Binance."

Crypto market dips

At the time of writing, Chainlink was down 3.13% in the last 24 hours to $12.66, mirroring the sell-off in the broader crypto market, which has witnessed $458 million in liquidations, according to Coinglass.

At its June meeting, which ended on Wednesday, the Federal Reserve held its borrowing rate steady at 4.25%-4.5%, with the expectation that inflation would rise and economic growth would decelerate.

In a subtle shift, Federal Reserve Governor Christopher Waller stated in an interview with CNBC that inflation was moderating to the point where the central bank may lower interest rates at its next meeting in July. "I think we’re in the position that we could do this as early as July," Waller stated, adding, "That would be my view, whether the committee would go along with it or not."

The markets briefly reacted to this optimism before reversing as investors assessed macroeconomic uncertainties.