Federal Reserve Chairman Jerome Powell will deliver a speech on the U.S. economy and monetary policy today at the annual meeting of the National Association for Business Economics in Philadelphia.
The official’s upcoming speech comes at a time of growing economic instability, with global markets still reeling from renewed trade tensions between the US and China.
The cryptocurrency market has also experienced a number of sharp corrections in recent times. Efirium fell below the $4000 mark, and Bitcoin has fallen by 2,88% over the past 24 hours. This weekend index of fear and greed The index fell from a greed level of 64 at the end of last week to a fear level of 27, its lowest in six months. Unsurprisingly, traders are bracing for increased market volatility in anticipation of Powell’s speech.
According to LookOnChain, several Hyperliquid «whales» are actively shorting the market. One major holder, 0x9eec9, with a profit of $31,8 million, currently holds short positions in DOGE, Ethereum, and PEPE. XRP and ASTER worth approximately $98 million.
With heightened uncertainty surrounding the content and impact of Powell’s speech, these «whales» may be taking profits to hedge their bets and reduce the risk of ending up on the wrong side of the market in the event of a crash.