More than 8% of Bitcoin's total supply was moved in a single week, marking a significant redistribution of holdings. This activity coincided with $1.2 billion in net outflows from spot Bitcoin ETFs, as investors anticipate the Federal Reserve's upcoming December decision. Analysts suggest this could signal a new accumulation phase, reminiscent of market bottoms in 2018 and 2020. Some of the Bitcoin movement may be attributed to internal wallet migrations at Coinbase, according to Joe Burnett of Semler Scientific. The market remains sensitive to macroeconomic factors, with expectations of a Fed rate cut increasing sharply in recent days.