- A Bitcoin whale has opened a $94.6 million $BTC short right before today’s FOMC meeting.
- $BTC started dumping during the New York session, falling from a high of $81,683.65 to a low of $80,322.73.
- The Fed is expected to hold rates unchanged in October 2026 ahead of November’s election.
Ahead of the October 28, 2026 Federal Open Market Committee (FOMC) decision, a Bitcoin ($BTC) whale has taken a high-conviction bearish stance, opening a $94.6 million $BTC short position at 13x leverage.
The massive derivative short bet comes despite the recent 16% Bitcoin rally following the Fed’s previous 25-basis-point rate hike. Consequently, market participants are on high alert for heightened volatility across risk assets.
Bitcoin Price Action Across Asia, London, and New York Sessions
As of October 28, 2026, Bitcoin was trading in a range of approximately $80,388 to $81,800. By mid-afternoon UTC, the price was hovering near $80,500–$80,650, down roughly 0.3% on the day from an open around $80,800–$80,870.
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Meanwhile, the Asia session, between 00:00 and 08:00 UTC, was mildly positive, posting a gain of about 0.22%. The $BTC price range was between $80,577 and $81,200, having peaked close to 03:40 UTC, and volume was relatively light.
During the London session, between 08:00 and 13:30 UTC, $BTC price fell around 0.55% as the session ended lower. The day’s high came early, at around 08:35 UTC when the price tested near $81,800, only for selling pressure to appear to push prices down into the European hours close.
The weakness continued into the New York session, around 13:30 UTC / 9:30 ET, when the low of about 80,322 was printed early in the session around 13:45 UTC. Since then, $BTC price has been under pressure in the $80,400 – $80,900 zone with lower volatility as traders positioned ahead of the FOMC’s 2:00 p.m. ET decision.
What Does the $94.6 Million $BTC Whale Short Mean?
A massive wallet opened a $94.6 million short position in Bitcoin perpetual futures just before and during the New York session. The position was heavily leveraged and was initiated around the $80,900-81,000 area. $BTC price has declined in the hours that followed, mirroring the general New York-session selling.
Source: X
A short of this magnitude before a major macro event like FOMC could be a directional play on a Hawkish FOMC or risk-off sentiment, hedge from current long positions, or simply positioning from a well-funded trader. One large trade isn’t enough to make a market turn, but it did add to a cautious mood already evident in the New York session.
What Is X Sentiment Around Kevin Warsh?
Sentiment on X has been cautious ahead of the FOMC decision, as traders waited to hear if Kevin Warsh would indicate a hawkish tone on inflation and December rate hikes. The $94.6 million Bitcoin whale short and the New York-session sell-off added to the fears of near-term downside risks, yet neither proves knowledge of the Fed decision in advance.
Moreover, the historical price action also provides insight. The last time the Fed raised interest rates by 25 basis points, Bitcoin rallied 16% over the following six days. That said, the short-term sentiment on X is caution, with many frequently citing $80K as a key level to watch. The actual reaction will depend on the precise language once it drops.
What’s Next for Bitcoin’s Price?
At press time, $BTC was trading at $80,452.73. A Fed rate hold with a neutral or patient tone could offer a relief bounce, particularly if some hawkish risk is already in the price. Any more hawkish tone that highlights inflation risks or reaffirms December rate increases could push selling pressure even further and may test the recent low of $80,388.
Source: X
Structurally, options data is indicating call and put walls near $80,000 with estimated long gamma, which may help to curb major moves, and adjacent max pain at $80,500. However, apart from today’s Fed decision, $BTC continues to respond to wider risk sentiment, U.S. yields, the dollar, and energy prices.
Related: Bitcoin Price Prediction: Can Wednesday’s FOMC Send $BTC Toward $90K?
Related: Bitcoin Holds $76K as Warsh’s Hawkish Fed Hike Hits Gold, Silver and Stocks