Bitcoin and Ethereum prices experienced a decline today following signals from the U.S. Federal Reserve regarding a cautious outlook on future interest rate cuts. During his post-meeting press conference, Chair Jerome Powell stated that a rate cut in December is "far from a foregone conclusion." This remark surprised investors, who had previously anticipated a 90% probability of a rate reduction at the Fed's final policy meeting of the year.
Cryptocurrency Market Reacts to Hawkish Fed Comments
In the immediate aftermath of Powell's hawkish remarks, the global cryptocurrency market turned negative. Bitcoin (BTC) briefly fell below $108,000 before stabilizing around $111,035 at press time, erasing a significant portion of its early-week gains. Concurrently, Ethereum (ETH) also weakened, trading at approximately $3,945, representing a 2% decrease over the same period.
Large Investors Increase Long Positions Amidst Pullback
Despite the broader market downturn, a notable trend emerged with several large investors, commonly referred to as "whales," continuing to establish aggressive long positions. This behavior suggests a strong confidence in an impending market recovery.
According to blockchain analytics firm Lookonchain, multiple high-value trades were executed on the Hyperliquid exchange, indicating this trend. One particular trader, identified by the wallet address 0x9553, initiated a substantial 40x long position on 179.59 BTC, valued at approximately $19.94 million. The entry price for this position was set at $110,590 per Bitcoin. At present, this position shows a profit of $79,826, with a liquidation price of $106,070.
Furthermore, another wallet, designated as 0x6988, allocated 1.95 million USDC to establish a 25x long position on 4,743 ETH, a trade estimated to be worth $18.71 million. The entry data indicates a price of $3,928 per ETH, and the position is currently yielding a gain of $76,670. This position would face liquidation if the price of ETH were to fall to $3,591.
In a similar vein, a third address, 0xd260, initiated a 40x long position on 62 BTC, amounting to a total of $6.88 million. This trader entered the position at $110,819 and is currently observing an approximate profit of $12,551. The liquidation price for this trade is set at $94,944.
Lookonchain also noted that the trader associated with the address 0xd260 has a history of 43 completed trades on Hyperliquid. Through these transactions, this individual has achieved an impressive 83.72% win rate and has generated over $2.6 million in total profit.