According to on-chain data, Tron (TRX) has skyrocketed 145% in whale activity, coinciding with the ongoing sell-off on the crypto market.
The sell-offs began late Saturday, accelerating on Sunday as fresh uncertainty jolted global markets. Crypto liquidations reached $1 billion at one point on Sunday, as several digital assets fell to multimonth lows.
Over the last 24 hours, the crypto markets absorbed another $627 million in liquidations, adding to the $595 million wiped out on Saturday.
According to CoinGlass data, 181,384 traders were liquidated in the last 24 hours, with the total liquidations coming in at $627,240,000. A cascade of liquidations frequently heralds market extremes, implying that a price reversal is coming as market sentiment swings in one direction.
Amid the market drop, Tron's large transaction volume, which denotes whale activity, was up 145% in the last 24 hours, coming in at $337.21 million, or 1.25 billion TRX. At press time, TRX was down 1.62% in the last 24 hours to $0.268.
What's next for markets?
This week's big event will most likely be Federal Reserve Chairman Jerome Powell's semi-annual monetary policy testimony to Congress.
Powell's speech is anticipated to focus on interest-rate policy, with markets anticipating two 25 basis-point cuts this year, but opinions differ. Traders will be eagerly watching Powell's views on the interest rate trajectory, considering Fed Governor Christopher Waller's recent statements that interest rates could be cut in July.
On the statistics front, the core personal consumption expenditures (PCE) price index, the Fed's preferred inflation indicator, is set to be released on Friday. The core PCE release is likely to reveal that price pressures have eased, with the markets anticipating further clues on the state of the economy.
