A long-dormant Bitcoin (BTC) whale has awakened after 12 years, transferring approximately $116 million in cryptocurrency ahead of the highly anticipated interest rate decision by the U.S. Federal Reserve.
According to blockchain data platform Lookonchain, the unidentified whale transferred 1,000 Bitcoins (BTC) after a 12-year slumber, valued at about $116 million at current prices. These Bitcoins (BTC) were originally purchased at around $847 each. At that time, the total value of this batch of Bitcoins (BTC) was approximately $847,000. The whale held this batch of Bitcoins (BTC) for over a decade before transferring them to a new wallet on Wednesday.
The transfer of over $100 million occurred on the eve of the upcoming Federal Open Market Committee (FOMC) meeting, which is highly scrutinized and could lead to the first interest rate cut in the U.S. this year.
CME Group's FedWatch tool indicates that market observers consider this Fed decision one of the most significant events of the year. 96% of participants expect a 25 basis point rate cut, up from 85% a month ago.
"Tomorrow is the most important FOMC of our lives… until the next one," said Benjamin Cowen, founder and CEO of Into The Cryptoverse, in a post on the X platform on Wednesday.
Despite the optimistic outlook, most cryptocurrency traders are still preparing for a short-term downturn in the crypto market.
CoinAnk blockchain data shows that currently, over 57% of Bitcoin (BTC) holders across exchanges are short, meaning they are betting on a decline in Bitcoin (BTC) prices, while only 42% of investors hold long positions.
Meanwhile, Cointelegraph reported on Monday that Bitcoin (BTC) futures open interest has decreased by over $2 billion in five days, indicating that futures traders are further reducing their risk exposure ahead of the FOMC meeting.
However, traders on Binance, the world's largest exchange, have been buying Bitcoin (BTC) ahead of the key interest rate decision.
On-chain analysis platform CryptoQuant noted that Binance has seen "active outflows" of Bitcoin (BTC) for nine consecutive days leading up to the FOMC meeting. This trend appears to be a "major driver" of Bitcoin's recent rise from 108,000 to 115,000.
Cointelegraph reported on September 6 that Bank of America analysts expect the Fed to cut rates at least twice in 2025, in September and November, while Goldman Sachs economists anticipate three 25 basis point cuts this year.
Related: Fintech company LMAX launches Bitcoin (BTC) and Ethereum (ETH) perpetual contracts for institutional traders.
Original article: “Bitcoin Whale Awakens After 12 Years, Transfers 1,000 BTC Before Fed Meeting”
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