One deep-pocketed Bitcoin (BTC) investor suddenly awoke from a 12-year slumber to move more than a hundred million dollars worth of the crypto king ahead of Wednesday’s Fed meeting, according to on-chain data.
In a new thread on X, the market intelligence platform Lookonchain says that the long-dormant crypto whale suddenly transferred all of his Bitcoin holdings, which are up nearly 13,700% in value.
“A whale transferred all 1,000 BTC ($116.88 million) to new wallets after 12 years of dormancy. The whale received 1,000 BTC ($847,000 at the time) 12 years ago, when the price of BTC was $847.”
The Federal Reserve is expected to announce the first rate cut of the year at its September 17th meeting, amid a weakening labor market.
Data from the CME FedWatch Tool shows that 96% of market participants are expecting a cut of 25 basis points (bps). The remaining are projecting a 50 bps cut.
Meanwhile, investor Tom Lee predicts big rallies are in store for Bitcoin to close out the year if the Fed starts cutting rates.
“I’m looking at September 1998 and September 2024 as the playbook, because those are both years when the Fed was on an extended pause and they cut in September. The number one trade is Nasdaq 100. I think that’s why the Mag 7 and the AI trade get a lot of liftoff.
The second is monetary liquidity sensitivity, global central banks’ easing. That’s Bitcoin and Ethereum… I think they could make a monster move in the next three months, like huge. And the third, of course, is interest-rate sensitive. That’s really small caps and financials. But really, the first two might be the standout trades.”
Bitcoin is trading for $115,790 at time of writing, flat on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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