Quick Take

With an outflow realized price of less than $11,000 for Bitcoin, Bitfinex fits the definition of ‘smart money.’ It indicates an astute ability to acquire Bitcoin at a comparatively lower price, emphasizing strategic gameplay in a volatile cryptocurrency market.

Furthermore, an analysis of their notable transactions uncovers a substantial Bitcoin withdrawal, one of the largest this year, just an hour before the Federal Open Market Committee’s (FOMC) meeting.

This whale-driven withdrawal, amounting to approximately $100M, throws light on the calculated moves often made in anticipation of significant financial events and potential market shifts. The correlation between the timing of these large-scale transactions and important economic announcements underscores the influential role of macroeconomic variables within the crypto market.

Exchange Netflow: (Source: Glassnode)

The post Major Bitcoin withdrawal from Bitfinex ahead of FOMC meeting appeared first on CryptoSlate.

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Filed under: Bitcoin - @ September 21, 2023 8:25 am