Even though cryptocurrency markets are closed for the weekend, there have been significant shifts in the bitcoin market in the last 24 hours.
Arkham Intelligence data shows that one of these events was the rapid transfer of over 1,734 BTC, worth about $103.62 million, from the popular exchange BitGo to a wallet that had not been used in a while. The wallet was named “bc1qzqp5”.
Significant Bitcoin Withdrawal Raises Speculation
The new wallet has an enormous quantity of Bitcoin saved up and has never been used for a trade before this one. Before getting to this address, the funds was kept in a different wallet called “bc1qg9ucy,” which got the BTC from BitGo three weeks ago. It’s possible that both wallets are connected to the exchange, but we lack any solid proof of this.
The market is paying close attention to this event because significant exits from exchanges are usually seen as signs that prices will go up. This change also happens at the same time as the Federal Reserve’s interest rate decision on Wednesday.
This is a very important event that many people are looking forward to, and it could be the first rate cut in years after a period of tightening funds supply.
There is still a lot of doubt about whether the cut will be 50 or 25 basis points, which is making the market more volatile. If the anonymous whale is really a buyer, it could mean that people are optimistic about the Fed’s choice.
