A few minutes after Fed Chair Jerome Powell hinted at a possible rate cut during his speech at Jackson Hole, Binance futures experienced a sharp uptick. According to market data analysis from CryptoQuant, Binance futures products recorded a $300 million upsurge in 15 minutes after the Fed Chair’s speech.
As a result, Binance’s BTC Open Interest (OI) jumped to around $13.3 billion. Meanwhile, the total crypto OI surged by 8.5 percent to about $215 billion.
The sudden market shift also resulted in more than $656 million of crypto derivatives liquidated in the past 24 hours
Bitcoin price regained bullish sentiment following Fed Chair Powell’s remarks at the Jackson Hole conference. President Donald Trump welcomed the Fed rate cut goodwill but highlighted it ought to have happened a year ago.
“With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Fed Chair Powell stated.
The flagship coin rallied over 4 percent on Friday to trade above $117k during the mid North American session. The wider altcoin industry followed in tandem, led by Ethereum (ETH), thus pushing the total crypto market towards $4.12 trillion.
Meanwhile, Kalshi traders increased their bets on a potential 25 bps Fed rate cut in September to 79 percent and reduced their stake on possible the Fed maintaining its rate between 4.25% and 4.5% to 18 percent.
With the renewed demand for Bitcoin by whale investors, a fresh bull market is likely in the coming weeks. However, Bitcoin price must consistently close above $120k to invalidate the midterm bearish sentiment towards $108k.
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