$BTC The Bitcoin market experienced a sudden drop on Sunday after a large whale sold 24,000 BTC. This massive sell-off reversed the gains seen on Friday, which were driven by a speech from Jerome Powell, the Chairman of the Federal Reserve. Despite Powell's speech suggesting potential interest rate cuts, which typically encourages markets, Bitcoin options traders maintain a bearish stance.

🔸Key Points Summary

- Sudden Drop: The price of Bitcoin fell more than 2% in under 10 minutes, reaching a low of less than $111,000 before recovering slightly.

- Cause of the Drop: A whale (a large investor) sold 24,000 BTC, valued at over $300 million, causing a drop in a market with low liquidity.

-Reversal of Gains: The drop wiped out the gains made on Friday, when the price of Bitcoin rose nearly 4% after Powell's speech at Jackson Hole was interpreted as "dovish" (in favor of more flexible monetary policies).

- Market Sentiment: Although Powell's speech was seen as positive for risk markets, Bitcoin options traders remain cautious. The cost of put options, which protect against price declines, is higher than that of call options, indicating that investors are preparing for potential downward volatility.