Bitcoin Whales Shed $2B in Anticipation of Fed Rate Cut
CryptoNewsTerminal Staff17 Sep, 2024
Bitcoin Whales Shed $2B in Anticipation of Fed Rate Cut
Bitcoin whales, entities holding large amounts of BTC, have been engaged in a selling spree ahead of the Federal Reserve's upcoming rate cut decision. As per data from on-chain analytics firm Glassnode, the number of addresses holding at least $1 million worth of BTC has decreased from 108,163 on July 13th to 106,104 on July 16th (UTC). This signals the sale of 2,059 BTC, valued at approximately $2 billion, within a week's time. This selling behavior aligns with the adage of "sell the news," indicating that whales are anticipating potential market volatility as they await clarity on the Fed's monetary policy direction.
