A Bitcoin whale that had been dormant for nearly 12 years transferred 1,000 coins worth about $116 million.
A Bitcoin whale, inactive for nearly 12 years, moved 1,000 coins worth approximately $116 million shortly before the US Federal Reserve's interest rate decision.
The major investor is believed to have initially purchased Bitcoin 12 years ago at approximately $847 per coin and is now moving them ahead of the Federal Open Market Committee (FOMC) meeting. This is a highly anticipated event for crypto industry participants, which could lead to the first US interest rate cut this year.
Market analysts are calling this Fed decision one of the most significant in 2025 – 96% of participants expect a 25 basis point rate cut, according to CME Group's FedWatch tool. This is up from 85% a month ago.
"Tomorrow is the most important FOMC meeting of our lifetimes... until the next one," said Benjamin Cowen, founder and CEO of Into The Cryptoverse. Despite optimistic forecasts, most cryptocurrency traders are bracing for a short-term downturn in the crypto market.
According to blockchain data from CoinAnk, over 57% of Bitcoin holders across all exchanges are currently short, meaning they're betting on a decline in the BTC price, while only 42% are long.
Binance has seen a nine-day "constructive outflow" of Bitcoin ahead of the FOMC meeting, a trend that appears to be the primary driver of Bitcoin's recent surge from $108,000 to $117,000, according to analytics platform CryptoQuant.