Bitcoin Whales Sell $2 Billion Ahead of Rate Decision
Bitcoin (BTC) is at a critical point that could determine its fate as the market awaits Wednesday’s Federal Open Market Committee (FOMC) meeting. However, expectations for the event are no longer even, even though they were just two days ago.
If the meeting results in a lower basis point (bps) adjustment, historical trends suggest that Bitcoin could undergo a significant correction. A higher rate cut from the Fed, led by Chairman Jerome Powell, should boost Bitcoin’s price. This on-chain analysis explains why any potential gains in the latter scenario could be short-lived.
Bitcoin Whales Selling the News
Data from Glassnode shows that Bitcoin whales are selling ahead of the upcoming Federal Open Market Committee meeting. For example, on September 13, the number of addresses holding more than $1 million worth of Bitcoin was 108,163.
Today, Bitcoin whale holdings fell to 106,104 BTC, indicating that over 2,059 BTC worth over $2 billion has been sold. This “sell the news” behavior reflects growing caution among large holders, who may be bracing for potential volatility as the market awaits signals on future monetary policy.
