The cryptocurrency market witnessed ups and downs on June 12, 2024, as top assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) navigated notable price fluctuations. Amidst this volatility, two fresh wallet addresses, 32a7u8 and 3D3a4, made headlines by withdrawing a massive 2,000 Bitcoins valued at $135 million from Binance, the world’s leading cryptocurrency exchange.
The on-chain analytics firm Lookonchain brought this notable move to light, shedding light on recent activity within the crypto sphere.
FOMC report impact on the crypto market
On June 12, 2024, the United States released the CPI data (Consumer Price Index), which came in lower than expected. Following this report, the BTC price surged massively from $67,700 to $70,000 in just a few hours. However, after the CPI data announcement, the FOMC (Federal Open Market Committee) released its interest rate report, indicating a jump from 5.25% to 5.50%.
This report from the FOMC wiped out all the gains the market had experienced after the CPI data release. Consequently, the price of BTC plummeted by 3.6%, dropping from $69,900 to $67,350 in just a few hours.
Whales continue to accumulate BTC and ETH
Despite the lower price of BTC, investors, and whales saw this as an opportunity and accumulated massive amounts of BTC. Following the FOMC interest rate report, significant accumulation has been observed across the market in different assets. Besides this recent withdrawal, on June 12, 2024, the cryptocurrency market saw a massive $954 million Bitcoin withdrawal from centralized exchanges (CEXs) as reported by Todayq News.
During the price drop, Ether Whales also bought a massive $840 million worth of ETH. Despite the bearish market, these massive BTC, ETH, and other asset accumulations highlight potential upcoming bull runs in the coming days.
As of now, Bitcoin is trading near $67,670, and in the last 24 hours, the BTC price has remained stable. Looking at the performance of BTC over a longer period, in the last 7 days, it experienced a 5% price drop. However, in the last 30 days, the Bitcoin price is up by 7.2%. Besides the stability in the price, the 24-hour trading volume has jumped by 23%, highlighting the interest of users, traders, and investors in Bitcoin.
