Injective Price Drops Amid Macro Risk-Off Ahead of Fed Meeting

Injective (INJ) has seen a modest decline of 3.45% over the past 24 hours, largely due to a broader risk-off move in the crypto market ahead of the US Federal Reserve meeting on July 29.

The Fed-driven macro risk sentiment is causing a moderate risk-off environment, with the total crypto market cap slipping about 1% over the last 24 hours and Bitcoin traders reducing downside hedges but bracing for volatility around the FOMC decision.

In this context, INJ's price drop can be seen as part of a typical 'alts derisking into macro event' pattern, especially for a mid-cap DeFi token like Injective (INJ).

Despite the decline, the top 100 INJ addresses increased their balances by about 6.23% over seven days, adding close to 5.7 million INJ, while exchange balances fell roughly 73% to under 2 million INJ.