Bitcoin OGs dump over $100 million in BTC after hawkish Fed dents rate cut hopes

Early Bitcoin adopters, known as "OGs," have sold off a significant amount of their holdings—over $117.87 million worth of BTC—after the Federal Reserve signaled a slower pace of interest rate cuts. Data from Lookonchain shows two long-term holders dumped over 1,650 BTC. This sell-off coincided with a nearly 1% dip in Bitcoin's price to $70,600, extending a previous decline. The Fed's hawkish stance, revealed through its interest rate "dot plot," projects only one rate cut this year, a shift from previous expectations. Analysts at 21shares attribute this to persistent inflation and rising energy costs, leading investors to abandon hopes for a rapid easing cycle. Market sentiment has shifted, with Polymarket and CME futures now indicating an 80% probability of only one rate cut, compared to 62% for two or three cuts just a month ago, creating a less favorable environment for risk assets.

(Source：CoinDesk)