$388 Million Bitcoin Withdrawal Stuns Largest Crypto Exchange, Binance

A major Bitcoin (BTC) withdrawal stunned the community earlier today. According to Spot On Chain, a BTC whale withdrew 1,300 BTC from crypto exchange Binance a few hours ago. This transaction is estimated to be worth around $85.6 million.

The whale, recognized as "12QVsf," has made more withdrawals in the last few days. Spot On Chain stated that the whale has withdrawn a total of 5,800 BTC from Binance in the last two days. Estimated to be valued at $388 million, these transfers were conducted at an average Bitcoin price of $66,968.

Bullish signals for Bitcoin

This is a major development, as it shows a major accumulation trend from Bitcoin whales. It shows that high-net-worth investors are now showing great interest in BTC, and they are expecting potential gains from it in the coming days.

Moreover, this support from whales is crucial for Bitcoin, the leading cryptocurrency in terms of market capitalization. The BTC price appears to be in a strong bullish trend, and these Bitcoin purchases from whales will inject further momentum into the market.

Bitcoin price and FOMC meeting

Currently, Bitcoin is trading at $66,108, after a slight decrease of 0.61% in the last 24 hours. The 24-hour trading volume of the coin has also decreased by 28.26% to $28.26 billion. However, the BTC price is up 7.57% over the last 30 days. This indicates that the overall trend remains positive despite this slight dip.

Notably, the market is awaiting today’s FOMC meeting. While the market is not expected to react much to it, this meeting is considered a crucial event. Analysts believe that today’s meeting may indicate whether the Federal Reserve will announce a rate cut in September.

If this happens, financial markets may get a significant boost. Bitcoin, leading the broader crypto market, may follow the same pattern, as rate cuts are typically bullish indicators for it. They encourage investors to be more optimistic on assets like BTC and other coins.