Bitcoin (BTC) Price: Whales Move $200M to Exchanges While One Buys $903M
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- The Fed held rates at 3.75% to 4% in a 10-2 vote, and two members favored a hike.
- Traders see a 78.4% chance of a quarter-point hike at the December 8-9 meeting.
- Two whales moved $200 million in BTC onto exchanges in 24 hours.
- One whale bought 11,326 BTC worth about $903 million in the same window.
- Santiment tracked 14,942 BTC leaving exchanges, the largest outflow in five weeks.
Bitcoin is facing pressure after the US Federal Reserve held interest rates steady and signaled ongoing concern about inflation.
The Fed voted 10-2 on Wednesday to keep its benchmark rate at 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack voted for a quarter-point increase.
Fed Chair Kevin Warsh said inflation has stayed above the central bank’s 2% target. “Americans… are still dealing with inflation that has been running above the Committee’s objective for close to 6 years,” he said.
Iggy Ioppe, chief investment officer at tokenization platform Theo, said markets expected the hold. “Markets had the hold priced, but not the hawkish tone,” he told Cointelegraph.
Ioppe added that at current rates, Bitcoin has to compete with a risk-free return near 4%.
Traders Price In a December Hike
CME FedWatch data showed traders assigning a 78.4% chance of a quarter-point hike by December. They also see a 67.3% chance of at least one hike by March.
Warsh declined to say what the Fed will do at its Dec. 8-9 meeting. “A lot of things can happen,” he said during a press conference.
Bitget analyst Lewis Huang said Bitcoin’s next move may depend less on the Fed itself. He pointed to Treasury yields, the US dollar and broader risk sentiment as the key drivers.
Sygnum Bank chief investment officer Fabian Dori said Thursday’s personal consumption expenditures (PCE) inflation report is the next event to watch. He added that Magnificent 7 earnings will show whether AI spending is turning into revenue.
Ian Weisberger, CEO of CoinRoutes, also pointed to a crowded calendar. He listed the Fed decision, tech earnings, $12 billion in Bitcoin options expiring Friday and the upcoming US midterm elections.
Weisberger said investors are weighing risk-adjusted returns and view BTC as too risky for its return profile. He noted that some altcoins, including Hyperliquid and ZEC, have performed well in recent months.
Whales Send Mixed Signals
On-chain data shows whales moving in different directions. Two whales sent $200 million worth of BTC to exchanges over the past 24 hours, which can point to selling pressure.
Glassnode reported that Hyperliquid whales now hold a net short position on Bitcoin for the first time since March. These traders were long near the market bottom but reversed their position last week.
Other data points the other way. Santiment tracked 14,942 BTC leaving exchanges, the largest outflow in five weeks.
During the same window, one whale bought 11,326 BTC worth about $903 million.
Bitcoin has been consolidating around $80,000 and recently moved above $81,000.
The PCE inflation report and GDP data are due Thursday, followed by Friday’s $12 billion Bitcoin options expiry.