What took place: An confidential cryptocurrency wallet holding $41,005,089 of Bitcoin (CRYPTO: BTC) simply moved their funds ontoCoinbase The bitcoin wallet address connected to this transfer has actually been determined as:
You can see more information about the deal here
Why it matters: Cryptocurrency transfers from wallets to exchanges is generally a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as these gadgets provide much better security than cryptocurrency exchanges. Hardware wallets save financiers’ personal secrets offline, protecting their digital properties from online hacks.
When whales move bitcoin onto an exchange, this generally indicates they are searching for liquidity. It’s not likely that the financier prepares to hold their crypto on Coinbase, as the security dangers of holding big quantities of cryptocurrency on an exchange are greater than holding these properties 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 1% 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 automatic material engine and evaluated by an editor.