$21M In Bitcoin Was Just Transferred Onto Bitstamp

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What occurred: An confidential cryptocurrency wallet holding $21,190,493 of Bitcoin (CRYPTO: BTC) simply moved their funds ontoBitstamp The bitcoin wallet address connected to this transfer has actually been determined as:

38B7h8r2oUuzeeYeHxuycY6Dg3niyAQDBH

You can see more information about the deal here

Why it matters: Cryptocurrency transfers from wallets to exchanges is usually a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as these gadgets use much better security than cryptocurrency exchanges. Hardware wallets keep financiers’ personal secrets offline, protecting their digital possessions from online hacks.

When whales move bitcoin onto an exchange, this usually implies they are searching for liquidity. It’s not likely that the financier prepares to hold their crypto on Bitstamp, as the security dangers of holding big quantities of cryptocurrency on an exchange are greater than holding these possessions in a hardware wallet. It’s most likely that this Bitcoin whale is preparing either on selling Bitcoin or trading it for other altcoins

Price Action: Bitcoin is up 0% in the previous 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain information sourced from Whale Alerts Twitter.

This post was produced by Benzinga’s automated material engine and evaluated by an editor.

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