Bitcoin Sees Significant Supply Shift Amid Market Uncertainty Ahead of Fed Decision
Over 8% of Bitcoin's total supply has changed ownership as traders prepare for potential rate changes from the Federal Reserve in December.
Bitcoin has experienced one of its most significant supply migrations recently, with over 8% of its total supply changing hands within the last week. Traders are keenly awaiting the US Federal Reserve’s upcoming interest rate announcements scheduled for December.
Analyst Joe Burnett, who leads Bitcoin Strategy at Semler Scientific, describes this supply shift as one of the most substantial onchain events in Bitcoin’s timeline. Historical supply migrations, such as those in March 2020 and December 2018, were preceded by significant price fluctuations, suggesting that current movements might indicate another accumulation phase.
Market Shift
Source: Joe Burnett
Puckrin notes that Bitcoin and the wider crypto market remain in a precarious position, mainly influenced by the expectation of the Fed’s decision on interest rates. He stated, “The Fed holds the key to the market’s year-end outcomes, determining whether we will see a Santa rally or a Santa dump.”
