$700M Wiped Out as Traders De-Risk Ahead of FOMC! 🚨 bitcoin:native , ethereum:native , $XRP, and major altcoins sold off sharply as traders reduced exposure ahead of an uncertain #FOMC decision. Around $700 million in leveraged positions were liquidated, with most of the damage coming from crowded long positions. Bitcoin fell from roughly $65,600 to $63,000, while broader crypto market value declined by tens of billions of dollars. The trigger was straightforward: - Rate-hike uncertainty increased. - The U.S. dollar strengthened. - Technology equities weakened. - ETF flows turned negative. - Traders reduced exposure to high-beta assets before the Fed announcement. The liquidation event cleared part of the leverage, but it did not fully reset the market. Derivatives open interest remains elevated, meaning a large amount of directional exposure is still active. That leaves the market vulnerable to another sharp move once the Fed decision and forward guidance are released. For Bitcoin, the key area is now $62,000 to $64,000. Holding this range would suggest that forced selling has been absorbed and the market is stabilizing. A clean break below it could trigger another round of liquidations as remaining leveraged positions are forced out. Follow @triremetrading for more market analysis.