Over 8% of Bitcoin's supply was traded within a week, marking a significant on-chain event, according to Joe Burnett of Semler Scientific. This activity comes amid market uncertainty surrounding the Federal Reserve's potential rate cut in December. Historical comparisons to March 2020 and December 2018 suggest such supply shifts often precede new all-time highs. Burnett noted that up to half of the movement could be due to Coinbase wallet migrations. The market is closely watching the Federal Reserve's decision on December 10, with CME Group's FedWatch tool indicating an 82% probability of a 25-basis-point rate cut, up from 50% a week ago. This anticipation is influencing current market sentiment, as highlighted by Nic Puckrin of Coin Bureau.