![Major Bitcoin withdrawal from Bitfinex prior to FOMC meeting](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/09/insights-bitcoin-5.jpg&w=70&h=37&q=75)
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)](https://cryptoslate.com/wp-content/uploads/2023/09/BFN.png)