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Bitcoin ($BTC) slipped 2.5% in the past 24 hours, underperforming a broadly weaker crypto market (-2.88%). The decline stems from multiple pressures — both macro and technical. Federal Reserve Chair Jerome Powell’s hawkish remarks reignited fears of delayed rate cuts, boosting the USD and driving investors away from risk assets. Meanwhile, Spot Bitcoin ETFs saw $388 million in net outflows, the largest since August, signaling profit-taking by institutions. Technically, BTC’s drop below $109.5K triggered automatic sell orders. The key support now lies between $108K–$109K, crucial for preventing further downside.

Bitcoin whales are on the move again! Since October 1, longtime holders known as Bitcoin OGs have deposited nearly 13,000 BTC (worth $1.48 billion) to major exchanges like Kraken, Binance, Coinbase, and Hyperliquid. Notably, Owen Gunden transferred 3,265 BTC ($364.5 million) to Kraken since October 21. These massive deposits are fueling market speculation about potential sell-offs, as Bitcoin’s price faces increased selling pressure from early investors taking profits.