Based on Cointribune, more than 8% of Bitcoin's supply was transferred in a single week, signaling a major redistribution of holdings. This movement coincided with $1.2 billion in net outflows from spot Bitcoin ETFs, amid heightened anticipation of the Federal Reserve's December decision. Analysts note the event recalls past market bottoms in 2018 and 2020, potentially indicating a new accumulation phase. However, part of the movement may stem from internal wallet migrations at Coinbase, according to Joe Burnett of Semler Scientific. The market remains highly sensitive to macroeconomic developments, with the probability of a Fed rate cut rising sharply in recent days.
Over 8% of Bitcoin Supply Moved in a Week Amid ETF Outflows and Fed Anticipation
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