In recent Bitcoin news, whales have opened short positions with massive leverage, raising speculation over another crypto market crash. This development follows closely after the White House disclosed that President Donald Trump will make a crucial announcement on Thursday. The broader crypto market is also bracing for the Consumer Price Index (CPI) data release on Friday and a potential Federal Reserve rate cut next week. Traders are also closely monitoring President Trump’s meeting with China during his Asia visit, which is contributing to market uncertainty, especially as crude oil prices have jumped over 5%. The BTC price and the wider crypto market have recently experienced crashes attributed to renewed U.S.-China trade tensions, miner selloffs, and spot ETF liquidations.
Bitcoin News: Whales Open Short Positions
OnChain Lens reported that a significant whale deposited $3 million USDC in Hyperliquid and initiated a short position on Bitcoin with 40x leverage. This whale has a history of trading Bitcoin, often coinciding with crypto market crashes triggered by President Trump's actions throughout October. The whale recently shorted BTC twice, reportedly making $3.6 million in profit. Overall, this whale has accumulated $8.6 million in profit from a combination of leverage-driven short and long trades.
Other whales have reportedly followed the trading patterns of this "Trump insider whale" to short Bitcoin. Experts suggest that the $880.60 million in BTC selloffs by this whale since the crypto market crash on October 10 is making a sustained recovery difficult. According to Glassnode data, long-term holders have offloaded approximately 28,000 BTC since October 15, a figure that exceeds the amount being added by new holders, indicating a continued cash-out trend from older wallets.
Bitcoin News: President Donald Trump’s Announcement Jitters
The White House has announced that President Trump is scheduled to make an announcement at 3:00 PM ET, as reported by The Kobeissi Letter on October 23.
In Bitcoin news on Wednesday, Trump confirmed plans to meet China’s President Xi Jinping in South Korea, expressing expectations to reach several agreements. Ahead of this meeting, U.S. and Chinese officials are scheduled to convene for trade talks this Friday. Previously, Trump had threatened 100% tariffs on China, stemming from concerns over control over rare earths. However, he has since appeared to backtrack as global markets faced selling pressure amid renewed credit risks and anticipation surrounding U.S. CPI data. Investors are adopting a cautious stance, remaining on the sidelines ahead of key events such as Friday’s U.S. CPI inflation data, the Federal Reserve rate decision next week, and the upcoming tariff talks.
How Will Bitcoin Price and the Crypto Market Move?
Crypto investors have experienced significant financial losses since the "Black Friday" crypto market crash. Experts have described this period as a leverage reset, necessary for a healthier crypto market recovery. The crypto market's Fear and Greed Index remains in the extreme fear zone, with whales and long-term holders largely withdrawing from the market as Bitcoin price continues to face selling pressure.
BTC price has fallen back below $109,000 after a brief rebound above $110,000. The current trading price is approximately $108,869, with a 24-hour low and high recorded at $106,778.00 and $110,295, respectively. Furthermore, Bitcoin trading volume has decreased by 33% over the last 24 hours, indicating a lack of active interest from traders who are observing macro events like the CPI release amidst the prolonged government shutdown.
Analyst Ted Pillows noted that BTC has bounced back from the $106,000-$107,000 support zone once again. He recommends buying if the CPI data comes in lower than the forecasted 3.1%.
However, if the CPI data proves to be higher than expected, Bitcoin price could fall back to the $104,000 level, potentially triggering another crash in the broader crypto market. Derivatives traders are exhibiting extreme bearish sentiment, with the put-call ratio currently above 1.10.