The crypto world was jolted on Sunday night as markets turned sharply bearish after a quiet weekend. Traders watched in disbelief as a sudden sell-off wiped away billions.
On-chain data showed a long-dormant Bitcoin whale, linked to a massive 2019 withdrawal from the HTX exchange, reappeared.
The entity sold 24,000 Bitcoin worth about $2.7 billion in recent days.
Instead of sitting idle, the whale shifted heavily into Ether. More than 400,000 tokens were accumulated, much of it staked and tied to leveraged long positions.
Powell’s Speech and Market Jitters
The sell-off was not only about the whale. Last week, Federal Reserve chair Jerome Powell gave a dovish-leaning speech at Jackson Hole.
His comments initially fuelled optimism. Ether surged nearly 10%, while XRP gained over 5% within hours. But by the weekend, traders grew uneasy. Was a September rate cut guaranteed after all?
Presto Research analysts Peter Chung and Rick Maeda wrote: “The speech contained just enough dovish hints to trigger a knee-jerk rally. A closer look reveals it remained non-committal on an immediate cut.”
Markets remain hopeful. The CME FedWatch tool puts the odds of a cut at 87%. Betting platform Polymarket sees an 81% chance, a sharp rise from 57% before Powell spoke.
Market Losses and Liquidations
By Monday morning, crypto’s total market cap had shed over $80 billion, sinking below $4 trillion. More than $715 million in leveraged positions were liquidated in the bloodbath.
Bitcoin slipped 3% in 24 hours, trading at $111,480. Ethereum fell 3.6% to $4,590.
Source: CoinMarketCap | U.S. Federal Reserve
The question now is whether this was a brief shakeout or the beginning of a deeper correction. Could one whale truly dictate the mood of a $4 trillion market?Rate, Like 👍, Comment💬, share this article, and join us on our social media handles. You can also Submit your own story to get featured and earn rewards!
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