Whales are opening short positions on Bitcoin and other altcoins such as XRP, Dogecoin (DOGE), and Pepe Coin (PEPE), anticipating another crypto market crash today. The ‘Trump Insider Whale’ who shorted BTC and ETH just before the largest-ever crypto market crash has also further increased its short position before FED Chair Jerome Powell’s speech.
Whales Going Short on XRP, DOGE, and Pepe Coin
Whales sitting at massive profits are expecting another crash or major profit booking, on-chain data platform Lookonchain reported on October 14. They are going short on Bitcoin and top altcoins, with the “Trump Insider Whale” leading the charge.
Whale 0x9eec9, with $31.8 million in profit, currently holds $98 million in shorts across Dogecoin (DOGE), Ethereum (ETH), Pepe Coin (PEPE), XRP, and Aster.
Whale 0x9263, with $13.2 million in profit, opened $84 million in short positions on Solana (SOL) and Bitcoin.
Meanwhile, the Bitcoin OG has further increased his BTC short position to $492 million, sitting at a floating profit of $9 million. The liquidation price is $124,420.
As CoinGape reported earlier, the whale opened a massive $340 million short position on Bitcoin. The whale is referred to as “Trump insider whale” as it shorted $700 million BTC and $350 million ETH just before the crypto market crash, making $200 million in profit.
Trump Insider Whale Shorting Bitcoin. Source:Crypto Market Falters Ahead of Jerome Powell Speech Jitters
The crypto market awaits cues from FED Chair Jerome Powell’s speech today. Any mention of a Fed rate cut can trigger a rebound. Monetary policy, rising inflation amid a weak labor market, and economic concerns fueled by the US government shutdown are other topics expected.
XRP price fell nearly 2% in the past 24 hours, with the price currently trading at $2.53. The 24-hour low and high are $2.52 and $2.65, respectively. Trading volume dropped further by 17% in the last 24 hours.
Also, DOGE price has dropped more than 1% to $0.206. A further fall could trigger profit booking as it trades near the 200-day moving average. Meanwhile, Pepe Coin has pared some gains but is still up over 1% at $0.0576.
Source: https://coingape.com/whales-heavily-shorting-xrp-doge-pepe-crypto-ahead-jerome-powell-speech/
