The Federal Reserve announced another interest rate hike, and Bitcoin absorbed this decision with muted price action. Perpetual futures recorded net selling of approximately $82 million in Bitcoin and $68 million in Ether in the hour following the announcement. Meanwhile, roughly $15.5 million in Bitcoin spot buying was recorded, suggesting that spot demand is absorbing some of the selling pressure. About 2,170 Bitcoin arrived on exchange platforms after the rate hike, followed by a withdrawal of 1,260 Bitcoin. Martin Lee, market insights lead at DWF Labs, said that the « higher for longer » rate stance would lead to a repricing of risk-on assets.
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