Injective (INJ) Rebounds 4.2% After Macro Selloff

Understanding Injective's (INJ) 4.2 Percentage Point Move

The 4.2 percentage point move in Injective (INJ) over the last ~8 hours is best explained by a rebound from a macro driven crypto selloff earlier on October 8, with some support from recent INJ specific positive news.

Broad Crypto Selloff Then Rebound

INJ’s intraday path on October 8 shows a sharp drop followed by a recovery that matches the timing of a market wide risk off event.

1. Over the last 24 hours INJ is down about 3.6%, in line with your 3.65% figure.
2. On October 8, INJ fell from about 7.30 at 2pm UTC to roughly 6.64 at 4pm UTC, a decline of about 9.04%.
3. From that low near 6.64, INJ recovered to around 6.95 by 5am UTC on October 9, a gain of about 4.67% that aligns with your 4.20 percentage point move over roughly the last 8 hours.

This pattern fits the broader crypto tape. Several reports document a large long liquidation and risk off episode on October 8:

1. Crypto derivatives markets saw about 455 million in liquidations in a single hour on October 8, with roughly 93.7% coming from long positions, as major tokens dropped together. One report highlights Bitcoin, Ethereum, Solana, XRP, Zcash and Dogecoin leading the move.
2. Separate coverage notes Bitcoin falling below 82,000 on October 8 while the broader crypto index dropped about 4.4% in 24 hours and roughly 1 billion of positions were liquidated, mostly longs, as traders reacted to rising oil prices, elevated U.S. Treasury yields and continued ETF outflows from crypto products. That report also shows large drawdowns in major altcoins.
3. Another piece ties an overnight tanker attack off Qatar and a spike in oil above 90 per barrel to a risk off move that pushed Bitcoin below 81,000, again with almost 1 billion in mostly long liquidations across the crypto market. This article stresses that Ethereum and large caps like SOL, DOGE and XRP also fell 5 to 7%.