Market volatility is expected by whales as CPI data and China-US beef might provoke a few shockwaves.
In spite of Monday’s market rebound securing 5-6% gains for Bitcoin (BTC) & major-cap altcoins, the big-time crypto investors are back in bearish mode. According to LookOnChain, several heavy crypto players placed short-selling moves on Ethereum (ETH) at $4,030.
Short-Sellers Capitalize On Ether’s Plunge Below $4K
In one curious instance, a whale deposited 5.38 million Circle USD (USDC) to get a 20x short on 1,500 ETH, worth approximately $6 million. Another whale went even harder with a 25x short-selling position at the same Ether (ETH) price, but this whale is just as bearish on Solana (SOL), Ripple (XRP) & the flagship asset BTC.
Out of the 4 leveraged plays, only one is in the red. Shorting Bitcoin (BTC) with an obnoxious leverage of 40x, this crypto whale is $665K down in unrealized profits, according to Hypurrscan blockchain explorer. As of press time, Ethereum has dropped to $3,938.88, producing the $300K in unrealized profit across both ETH short plays.
Crypto whales are bracing themselves for a volatility storm, driven by uncertain geopolitical conditions, namely the back & forth between China & the United States (USA). On top of that, the United States (USA) government is planning to re-open full operation between October 23 to 26, which could pave the way for new funding in the IT sector.
XRP Drives Through Market Turbulence With Dividends
This comes prior to the new week’s inflation data in the United States, which could have an immediate effect on the Federal Reserve rate decisions. If the October Fed rate cut actually happens, brave retail buying can be expected, even though the immediate response to the potential government re-opening sent ripples through the markets.
Solana (SOL) slipped 1.81% to trade at $187.39 at the time of publication, while Ripple (XRP) was the only one to rebound to the U.S. news positively. Indeed, XRP’s price soared by 1.83% to tack on $2.44, now just a $5 billion distance from BNB Coin (BNB) for the bronze medal in the global crypto ranks, according to real-time data from SoSoValue.
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