Whales sold, shrimps hold bags? $BTC $116K & $ETH $4.6K after Powell's speech
The market exploded right after Powell's speech at Jackson Hole, when Bitcoin returned to around $116k, and Ethereum rose to $4.6k. Altcoins like $XRP , Solana, and Doge also joined the uprising, and at first glance, this looks like a strong movement caused by Powell's hints at possible future rate cuts. Such talks always spark optimism in risky assets like cryptocurrency.
But when you look closer, the picture changes. Traders have already priced in volatility ahead of the speech, preparing for a swing of about 2% in either direction. Blockchain data shows that Bitcoin's 'supply in profit' has decreased from nearly 100% at the highs to around 92%, while XRP fell similarly. Ethereum held up better, with about 96% still in profit, thanks to steady institutional demand, which contributed to its stronger rebound.
For me, this recovery looks less like a fresh breakout and more like a classic whale trap. The big players were offloading their assets in weakness before the speech and then allowed soft hints to trigger a relief rally. Now, small investors are chasing green candles while the whales have already left with profits. If momentum doesn't build from here, this rally could vanish as quickly as it appeared.
