A dormant Bitcoin whale moved $116 million of the cryptocurrency ahead of the Fed’s key interest rate decision as crypto traders braced for volatility in global markets.
A long-dormant Bitcoin whale moved about $116 million worth of the cryptocurrency after 12 years, just before the US Federal Reserve’s closely watched interest rate decision.
The unknown whale woke up after 12 years of dormancy to transfer 1,000 Bitcoin (BTC) — worth around $116 million at current prices — which he initially acquired for about $847 per coin. The BTC was worth around $847,000 at the time, which the whale hodled for over a decade before transferring it to new wallets on Wednesday, according to blockchain data platform Lookonchain.
The over $100 million transfer occurred shortly before Wednesday’s upcoming Federal Open Market Committee (FOMC) meeting, a highly anticipated event that may deliver the first US interest rate cut of the year.
