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Crypto Market Braces for Impact as Fed’s Powell Prepares Economic Outlook
Crypto Market – As Federal Reserve Chair Jerome Powell prepares to address the nation on the U.S. economic outlook, a wave of uncertainty has swept across the crypto market, prompting whales to take defensive positions.
Powell’s Speech Triggers Market Caution
Scheduled for October 14 at 12:20 PM local time, Powell’s speech—titled “Economic Outlook and Monetary Policy”—comes at a time of heightened market tension. Speaking at the National Association for Business Economics annual meeting in Philadelphia, Powell is expected to outline the Fed’s stance on monetary policy, which could have ripple effects across global markets.
Renewed U.S.-China trade tensions and the recent implementation of fresh tariffs have further spooked investors, reigniting fears of a broader trade war. The crypto market hasn’t been immune—Ethereum (ETH) has dipped below $4,000, while Bitcoin (BTC) has dropped by 2.88% in the last 24 hours.
Whales Move to Short Positions
As volatility intensifies, on-chain data from LookOnChain reveals that major whales are actively shorting altcoins. A whale known as 0x9eec9, with $31.8 million in profits, is currently shorting DOGE, ETH, PEPE, XRP, and ASTER, with total positions worth around $98 million.
Another whale, 0x9263, holding $13.2 million in profits, is shorting Solana and Bitcoin, with positions totaling $84 million. Meanwhile, a Bitcoin OG whale has raised its BTC short to a staggering $492 million, with a floating profit of $9 million.
Fear Index Plummets as Traders Brace for Impact
The Crypto Fear and Greed Index has plunged from a Greed level of 64 to a Fear level of 27, the lowest in six months. As traders anticipate a potentially hawkish tone from Powell, the move to short may signal efforts to hedge against further downside in digital assets.
