In recent Bitcoin news, whales opened short positions with massive leverage, raising speculation over another crypto market crash.
This comes immediately after the White House disclosed that President Donald Trump will make a crucial announcement on Thursday.
Meanwhile, the crypto market braces for the CPI data release on Friday and a possible Fed rate cut next week.
Traders are also keeping an eye on President Trump’s meeting with China during his Asia visit, driving uncertainty as crude oil prices jumped over 5%.
BTC price and the broader crypto market crashed due to renewed U.S.-China trade tensions, miner selloffs, and spot ETF liquidations recently.
Bitcoin News: Whales Open Short Positions
OnChain Lens reported that a whale deposited $3 million USDC in Hyperliquid and opened a short position on Bitcoin with 40x leverage.
The whale has traded Bitcoin many times amid President Trump-triggered crypto market crashes this October.
Recently, the whale shorted BTC twice and made $3.6 million in profit. Overall, the whale has made $8.6 million in profit from leverage-driven short and long trades.
Other whales have followed the trades by “Trump insider whale” to short Bitcoin. Experts claim $880.60 million in BTC selloffs by “Trump insider whale” since the October 10 crypto market crash is making recovery difficult.
According to Glassnode data, long-term holders have offloaded 28,000 BTC since October 15. It exceeds the amount new holders are adding, while old wallets continue to cash out.
Bitcoin News: President Donald Trump’s Announcement Jitters
The White House says President Trump is scheduled to make an announcement at 3:00 PM ET, The Kobeissi Letter reported on October 23.
In Bitcoin news on Wednesday, Trump confirmed plans to meet China’s President Xi Jinping in South Korea and expects to reach several agreements.
Ahead of the meeting, the US and Chinese officials are meeting over trade talks this Friday. Earlier, Trump threatened 100% tariffs on China after expressing concerns over control over rare earths.
But, he backtracked as global markets faced selling pressure amid renewed credit risks and US CPI jitters.
Investors stayed on the sidelines ahead of key events such as Friday’s US CPI inflation data, Fed rate decision next week, and upcoming tariff talks.
How Will Bitcoin Price and the Crypto Market Move?
Crypto investors have lost a significant amount of money since the “Black Friday” crypto market crash. Experts called it a leverage reset to make a healthier crypto market recovery.
Crypto market Fear and Greed Index remained in the extreme fear zone. Whales and Long-term holders have turned away from the market as Bitcoin price remains under selling pressure.
BTC price slipped back below $109K after rebounding above $110K. The price currently trades at $108,869, with a 24-hour low and high of $106,778.00 and $110,295, respectively.
Furthermore, in Bitcoin news, the trading volume has dropped by 33% over the last 24 hours.
This indicates a lack of interest among traders as they remain on the sidelines, watching macro events such as CPI release amid the prolonged government shutdown.
Analyst Ted Pillows noted BTC bounced back from the $106,00-$107,000 support zone again. He recommended buying if CPI comes in lower than the 3.1% forecast.
But if CPI comes in hot, Bitcoin price can fall back to $104K and the broader crypto market could crash. Derivatives traders are extremely bearish, with a put-call ratio above 1.10.