U.Today – Although Saturday and Sunday are traditionally days off for time-honored financial markets, the cryptocurrency world never sleeps, especially on weekends. So the last 24 hours have once again been a series of events on the market and behind the scenes — in the on-chain sphere.
One such incident was the sudden withdrawal of over 1,734 BTC, equivalent to about $103.62 million, from leading exchange BitGo to an unknown wallet “bc1qzqp5.” The latter is a completely up-to-date entity and has no prior transaction history, according to Arkham Intelligence.
Now, this unknown anonymous whale has a seven-digit stash. Interestingly, before the cryptocurrency landed in this wallet, this amount of BTC was stored in another wallet — “bc1qg9ucy” — that received it from BitGo three weeks ago. We can’t rule out that both addresses belong to the exchange itself.
However, there is no information about this and it does not mean much. What is critical is the perception of this development by market participants.
Stock market pullbacks are seen as bullish events by common sense. Interestingly, the move comes in anticipation of the Fed’s interest rate decision next Wednesday.
This decision is particularly critical because it could bring the first rate cut in years after years of tightening monetary policy. Market participants are currently wondering whether the cut will be 50 basis points immediately or just 25 basis points.
All of these factors and speculations are driving volatility in the cryptocurrency market. If this whale is indeed a buyer, then his bias is likely toward a bullish outcome from the Fed’s interest rate decision.
