Global #Sell-off

Recent turmoil in global markets has led to a sharp sell-off in both equities and digital assets, with Bitcoin suffering its most significant decline of the current cycle. This downturn has been driven by a complex interplay of factors, including the unwinding of the yen-carry trade, market deleveraging, and heightened geopolitical risks.

According to a recent report from on-chain analyst EmberCN, a significant downturn in Ethereum (ETH) prices has triggered a series of liquidations among leveraged ETH whales.

In a move that sent shockwaves through the cryptocurrency market, the now-defunct Mt. Gox exchange has reportedly transferred a massive 44,000 Bitcoin (BTC).

Bitcoin miners are feeling the heat as the market experiences a significant sell-off. In the past three days, miners have offloaded a staggering amount of Bitcoin, equivalent to five days' worth of mining revenue.

Polygon (MATIC), a leading layer-2 scaling solution for Ethereum, has been facing headwinds recently due to a significant increase in selling pressure from large holders, often referred to as "whales."

The price of Chainlink (LINK), a cryptocurrency powering decentralized oracle networks, is in the spotlight after a significant unlock of tokens. According to CoinGecko, 21 million LINK tokens, previously held in a non-circulating supply contract, were unlocked, representing a value of roughly $295 million at current market prices.