'Insider whale' moves 5,000 bitcoin to an exchange just before key macro data release

Uk Jin

Summary

Lookonchain said a Bitcoin whale known as ‘Garrettjin’ and the “insider whale” deposited 5,000 bitcoin to Binance about 10 minutes before the release of U.S. macroeconomic indicators.
Lookonchain said that, in general, deposits to an exchange are regarded as an action taken to sell virtual assets.
It said that with the inflation data exceeding expectations, pressure is expected to increase on the U.S. Federal Reserve (Fed) to cut interest rates, and risk sentiment toward virtual assets and other risk assets could deteriorate.

As major U.S. macroeconomic indicators were released one after another on the 20th (local time), a well-known Bitcoin (BTC) whale was found to have deposited a large amount of bitcoin to an exchange shortly before the data release.

Lookonchain said on X (formerly Twitter) that “about 10 minutes before the indicators were released, the Bitcoin whale known as ‘Garrettjin’ and the ‘insider whale’ deposited 5,000 bitcoin to Binance.”

In general, deposits to an exchange are regarded as an action taken to sell virtual assets (cryptocurrencies).

In fact, the U.S. December core Personal Consumption Expenditures (PCE) price index released that day rose 3.0% year on year, exceeding market expectations. Core PCE excludes food and energy, which are highly volatile.

With the inflation data coming in above expectations, pressure is expected to increase on the U.S. Federal Reserve (Fed) to cut interest rates. If the likelihood of rate cuts diminishes, risk sentiment toward assets such as virtual assets could deteriorate.

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