FOMC

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<ul>
 <li>Whale moves 8,000 BTC to Binance, hinting at a possible sell-off.</li>
 <li>Bitcoin fees spike to $195 amid UTXO consolidations.</li>
 <li>Market eyes on FOMC amidst Bitcoin nearing record highs.</li>
</ul>
<p>A Bitcoin whale, inactive since December 2018, has suddenly moved a staggering 8,000 BTC to a Binance wallet, signalling potential market shifts. This move translates to an impressive $535 million at current market rates, highlighting significant profits from an initial investment of around $30 million.</p>
<p>The address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe’ initially received portions of Bitcoin totalling 8,000 BTC at an average price of $3,810 per coin, culminating in March 2019. The awakening of this financial giant’s wallet coincides with Bitcoin’s trading surge near its peak value, hinting at possible sales intentions.</p>
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   <p lang="en" dir="ltr">A wallet that had been dormant for 5.5 years transferred 8K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($535.64M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> 40 mins ago.<br><br>The wallet received 8K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> on Dec 6, 2018, when the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> price was $3,810.<a href="https://t.co/zvxAKbHKi6" rel="noopener noreferrer nofollow">https://t.co/zvxAKbHKi6</a> <a href="https://t.co/ZKZHdm4JkR" rel="noopener noreferrer nofollow">pic.twitter.com/ZKZHdm4JkR</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1800532759318053234?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 11, 2024</a>
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<p><strong>Market Strategy and Economic Outlook</strong></p>
<p>Transferring such a volume to an exchange usually indicates a readiness to sell, impacting the circulating supply and potentially the broader market’s trajectory. Moreover, this activity emerges just as Bitcoin experiences a spike in transaction fees, peaking at $195, primarily due to extensive UTXO consolidation efforts by prominent exchanges.&nbsp;</p>
<p>Analysts are keeping a keen eye on this development, especially with the upcoming FOMC meeting that could further influence market volatility.</p>
<p>The Bitcoin network’s low activity in on-chain transactions and spot trading volumes suggests waning interest from casual investors, with the market-driven more by speculative demand through derivatives. However, considering the size of the transaction, this whale’s potential sale could shift market perceptions.</p>
<p>Bitcoin stands at $66,537, nearing its highest historical price of $73,805 despite a 24-hour decrease of 4.88%. This substantial activity by a long-dormant investor underscores cryptocurrency markets’ dynamic and unpredictable nature, where large movements can prompt widespread financial implications.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoin-whales-resurface-230-million-transfer-after-years-of-inactivity/" rel="noopener noreferrer nofollow">Bitcoin Whales Resurface: $230 Million Transfer After Years of Inactivity</a></li>
 <li><a href="https://cryptonewsland.com/14159-btc-420m-transfer-sparks/" rel="noopener noreferrer nofollow">Whale Alert: 14,159 BTC ($420M) Transfer Sparks Crypto Community Speculation</a></li>
 <li><a href="https://cryptonewsland.com/8752735-shib-has-been-transferred-to-dead-wallet/" rel="noopener noreferrer nofollow">8,752,735 SHIB has Been Transferred to Dead wallet</a></li>
 <li><a href="https://cryptonewsland.com/tron-founders-56m-transfer-reversed-after-binance-ceos-warning/" rel="noopener noreferrer nofollow">Justin Sun’s $56M Transfer Reversed After Binance CEO Warning</a></li>
 <li><a href="https://cryptonewsland.com/whale-makes-a-splash-over-35m-xrp-swiftly-transferred-to-bithumb/" rel="noopener noreferrer nofollow">Whale Makes a Splash: Over 35M XRP Swiftly Transferred to Bithumb</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoin-whale-stirs-after-five-year-slumber-transferring-535m-to-binance/" rel="noopener noreferrer nofollow">Bitcoin Whale Stirs After Five-Year Slumber, Transferring $535M to Binance</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Whale Stirs After Five-Year Slumber, Transferring $535M to Binance

Crypto News Land

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