Over 8% of Bitcoin changed hands in week, markets on ‘knife’s edge,’ Analysts say
Bitcoin saw one of its largest supply migrations ever as traders braced for the US Federal Reserve’s December rate decision and shifting expectations toward a rate cut.
A historic shift in Bitcoin ownership unfolded during the latest market downturn, while the broader crypto market remained tied to uncertainty over a possible US Federal Reserve rate cut in December.
Over 8% of the total Bitcoin (BTC) supply changed hands in the past seven days, making the current market decline “one of the most significant onchain events” in Bitcoin history, according to Joe Burnett, analyst and director of Bitcoin Strategy at Semler Scientific.
During previous significant Bitcoin supply movements, Bitcoin traded at about $5,000 in March 2020 and around $3,500 in December 2018, said Burnett in a Tuesday X post.