According to HashNews, over 8% of Bitcoin's supply changed hands within a week, marking one of the most significant on-chain events in Bitcoin's history, as noted by Joe Burnett of Semler Scientific. The market is under pressure due to uncertainty around the Federal Reserve's potential December rate cut. Burnett compared this to past supply shifts in March 2020 and December 2018, which preceded new all-time highs. He also noted that up to half of the movement could be attributed to Coinbase wallet migrations. Meanwhile, the Coin Bureau's Nic Puckrin highlighted the Fed's upcoming decision on December 10 as a key factor influencing market sentiment. CME Group's FedWatch tool shows an 82% probability of a 25-basis-point rate cut, up from 50% a week earlier.
8% of Bitcoin Supply Changes Hands in One Week Amid Market Uncertainty
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