Bitcoin: Record week with more than 8% of supply exchanged
When more than 8% of Bitcoin changes hands in a matter of days, it’s never a simple technical fluctuation. It’s a massive shift in digital wealth, an almost silent earthquake that says a lot about the pulse of the market. This week, the network saw one of the most significant supply movements since the beginning of the protocol. A true reshuffling of the cards as markets frantically await the Fed’s December decision.
In short
- More than 8% of Bitcoins traded in one week, a sign of a massive redistribution of supply in the market
- At the same time, spot bitcoin ETFs are experiencing net outflows of $1.2 billion, in a climate dominated by waiting for a Fed decision.
- Between macroeconomic tensions, investor psychology, and historical precedents, this move could be setting up a new phase of BTC accumulation.
Historical Bitcoin offering a migration that awakens old memories
More than 8% of bitcoins changed hands in the week, while spot bitcoin ETFs saw a net outflow of $1.2 billion, one of the worst records since launch. Taken together, these two moves tell the same story: seeing so much BTC in circulation in such a short period of time is not insignificant. This is a real big change in ownership, a sign that something is brewing deep in the market.
This dynamic recalls two notable episodes: March 2020 and December 2018. At that time, Bitcoin traded around $5,000 and $3,500, respectively. In both cases, these massive movements marked a local bottom, followed by a slow but steady phase of accumulation. And history has shown that these lows often herald a new all-time high a few months later.
However, not everything should be interpreted as a pure market signal. Joe Burnett, an analyst and director of bitcoin strategy at Semler Scientific, points out that nearly half of those moves could come from an internal wallet migration linked to Coinbase. A technical operation, massive to be sure, but less revealing of a sudden change in feeling. Despite this, the picture remains impressive: a blockchain that is restless, a market that holds its breath.
Market on the edge, hanging from the Fed
As the deals follow one another, investors are walking a tightrope. Conflicting reports about a possible easing of monetary policy in December maintain an atmosphere of palpable tension. Nic Puckrin, respected analyst and co-founder of Coin Bureau, sums up the mood well: the market is on a “knife’s edge”. Every new economic data makes traders reassess their expectations.
In one week, the odds of a 25 basis point rate cut rose from 50% to 82%, according to CME FedWatch. A sudden reversal that revived risk appetite and revived Bitcoin from $81,000 to $87,000. A welcome breath, but fragile. The prospect of a “Santa rally” is fueling optimism, while others fear a “Santa dump” if the Fed disappoints.
The tension is all the greater because the December 10 decision will not only concern rates. It will also serve as a political and economic signal for the first months of 2025. The crypto market, hypersensitive to the price of liquidity, will know the consequences immediately.
When technology and psychology collide
Between internal migration, relocating whales, and Fed speculation, the Bitcoin ecosystem is experiencing a pivotal moment. Volumes indicate strategic reorganization rather than panic. However, the slightest announcement could tip the balance. This duality between robust fundamentals and emotional volatility is the salt of the market.
And that’s exactly what makes this move special: it mixes a technical signal, a tense macro context and collective expectations. If history repeats itself, such redistribution could once again herald the cycle of accumulation. But BTC never gets locked into a pattern. It’s surprising, especially when everyone thinks they understand music.
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Fascinated by Bitcoin since 2017, Evariste continued to research the topic. If his first interest was trading, now he is actively trying to understand all the developments focused on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.