Since the Federal Reserve’s recent interest rate decision, the market has been roiling, and especially early large Bitcoin holders have started to move. According to Lookonchain data, it appears that over the past few days, at least two long-term holders have sold more than 1,650 BTC( about $120 million). One is a veteran whale who has already sold 11,000 BTC and has now sold an additional 650 BTC, and the other disposed of the entire 1,000 BTC from a 5,000 BTC portfolio.

Looking at the background behind this selling, it’s because of the Federal Reserve. The Fed kept the benchmark interest rate unchanged in the 3.5%–3.75% range, dashing market expectations for rate cuts. In particular, a median projection emerged that only one rate cut will be possible this year, which was a shock to those who had expected a rapid easing cycle among investors. It seems to be a sign that the Fed is still wary of inflation.

As a result, the entire market contracted. BTC was down about 1% near $72,970 right before the report, and major altcoins such as Ether, XRP, Solana, and Dogecoin also recorded similar declines. Looking at the Polymarket and the CME futures market, the probability of a rate cut this year is currently assessed at around 80%, compared with 62% just a month ago when two or three cuts were possible. This shows how much the Fed’s stance has changed. If this tightening outlook continues, it seems likely to weigh on the risk-asset markets.