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On October 14, 2025, Bitcoin ($BTC) fell 3% to $110,187, wiping out $200B in market value after the U.S. government shifted 667.624 BTC ($74.65M) between its controlled wallets just hours before Fed Chair Jerome Powell’s speech. The move sparked speculation about reserve management, while a whale simultaneously placed $500M in short positions on Hyperliquid. The sell-off unfolded amid ongoing U.S.-China trade tensions, intensifying market volatility and raising questions about institutional timing and market influence.

Federal Reserve Governor Michelle Bowman signaled the possibility of two additional interest rate cuts before the end of 2025, citing signs of cooling inflation and slower job growth. Bowman emphasized that while the economy remains resilient, further easing may be needed to sustain momentum. Markets reacted positively, with traders boosting bets on a dovish Fed stance as policymakers balance inflation control with supporting continued economic expansion.