Author: 1912212.eth, Foresight News On the morning of September 22nd, BTC remained above $115,000. However, just hours later, at around 2:00 AM, BTC fell below $115,000 and then plummeted, breaking through a series of round-number barriers, reaching as low as $111,800 before recovering to $112,800. ETH, on the other hand, briefly dipped from around $4,500 to $4,077 before recovering to above $4,100. Solver (SOL) briefly dipped to $214.5, and many altcoins also experienced widespread declines. According to coinglass data, the total open interest in the entire network reached $1.7 billion in 24-hour liquidations, a new high for the year. Long positions accounted for $1.617 billion of liquidations, with the largest single liquidation occurring in BTC-USDT on OKX, valued at $12.74 million. Just days after Fed Chair Powell announced a 25 basis point rate cut, the market has seen such a significant drop. Is this a pause in the bull market, or has the market quietly shifted? ETH whales are selling off heavily as the market digests the Fed's rate cut. Smart whales consistently take profits during periods of euphoria and peaks. Data analyst Murphy, citing glassnode charts, shows that on September 18th, whales holding 1,000 to 10,000 ETH cashed out $1.5 billion in a single day. Adding in whales holding 10,000 to 100,000 ETH and those holding over 100,000 ETH, the total amount cashed out was $2.15 billion. In July of this year, when ETH broke through $3,500, it also saw significant cash outs. However, due to active buying by some US treasury companies, the price did not fall. It's worth noting that treasury firm Bitmine currently holds 2.151 million ETH (worth $9 billion) at a cost price of $3,949. Although the company has previously stated that it will not sell its holdings in the short term, the market is concerned about the stock's performance and its ability to increase its holdings if ETH falls below its cost. With ETH's weak performance, altcoins are likely to perform poorly. With the exception of some BNB Chain ecosystems and DEX derivatives, all have seen significant declines. Furthermore, since early September, the market has generally expected the Federal Reserve to cut interest rates by 25 basis points. As a result, BTC has fluctuated upward from $107,000, reaching $117,900 after the Fed's decision. When positive news runs out, a market correction often follows. Analysis of Future Market Direction glassnode previously published an analysis indicating that Bitcoin's CBD (Cost Basis Distribution) heat map shows that supply is concentrated around $117,000, forming a key resistance area. A break above this level could trigger further supply reductions, while failure could lead to prolonged consolidation or a pullback. Matrixport released its market analysis, stating, "Over the past period, the risk-reward ratio for long Ethereum positions has been superior. However, as the market enters a rapid upward phase, technical indicators often fail. Especially when the weekly stochastic indicator reaches extreme highs and reverses, investor caution often determines whether profits can be locked in. Ethereum Treasury has been a major buyer over the past few months, but as net assets shrink, its ability to add additional funds may be limited. Against this backdrop, strict risk management is more prudent." Weiss Crypto tweeted that the full impact of the Fed's rate cut will not be felt until mid-December. Its model suggests that sideways fluctuations may continue for another 30 to 60 days, with a clear bottom likely to appear on October 17th. It is worth noting that Weiss Crypto recently predicted a temporary market top around September 20th. Historical data shows that BTC often falls in September. Although there was a small plunge today, the BTC monthly line is still in a small positive line state. If the "metaphysical" decline of the September monthly line comes true, then in the next week or so, BTC may experience a further correction of more than 3%.