Whales open short positions on XRP, DOGE, PEPE, and Bitcoin ahead of Jerome Powell’s speech, signaling potential market downturn.
As the cryptocurrency market braces for Federal Reserve Chair Jerome Powell’s speech, whales have been opening short positions on several major cryptocurrencies.
Among the assets being shorted are XRP, Dogecoin (DOGE), and PEPE. The “Trump Insider Whale,” known for its previous market predictions, has also increased its short position on Bitcoin, signaling further market turbulence.
Whales Increasing Short Positions Across Multiple Cryptos
According to on-chain data from Lookonchain, several whales have been actively opening short positions across a range of cryptocurrencies.
Whale 0x9eec9, who is currently holding $98 million in short positions, has targeted assets like XRP, DOGE, PEPE, and Aster. This whale has already made substantial profits, with $31.8 million in gains.
Another whale, 0x9263, has opened a $84 million short position on Solana (SOL) and Bitcoin, with a profit of $13.2 million. These whales are positioning themselves to benefit from potential downturns in the market, suggesting that they expect a further decline in cryptocurrency prices.
Trump Insider Whale Makes Huge Bets on Bitcoin
One of the most notable players in the market is the so-called “Trump Insider Whale,” who has dramatically increased its short position on Bitcoin. The whale, who previously made $200 million in profit by shorting BTC and ETH before a major market crash, now holds a $492 million short position.
The whale is currently sitting on a floating profit of $9 million, with a liquidation price of $124,420. This suggests that the whale anticipates a significant downward movement in Bitcoin’s price.
The Trump Insider Whale’s actions have drawn attention due to its previous success in predicting large market downturns. The whale’s aggressive stance signals a bearish outlook for Bitcoin and other major altcoins in the near future.
Crypto Market Awaiting Jerome Powell’s Speech
The crypto market is showing signs of uncertainty as traders await clues from Jerome Powell’s speech.
Key topics expected to be addressed include the Federal Reserve’s monetary policy, inflation concerns, and the potential for a rate cut. The market’s reaction to Powell’s speech could influence the direction of major cryptocurrencies like Bitcoin, XRP, and DOGE.
Currently, XRP has seen a nearly 2% drop in the last 24 hours, with its price trading at $2.53. Dogecoin has also dropped by more than 1%, now sitting at $0.206. These declines are attributed to the cautious sentiment in the market, as traders position themselves ahead of the speech.
Pepe Coin, on the other hand, has seen a slight increase of over 1%, trading at $0.0576.
Source: https://www.livebitcoinnews.com/crypto-news-whales-short-xrp-doge-pepe-and-others-ahead-of-jerome-powells-speech/
