Someone Just Sent $46M in Bitcoin on Coinbase
What happened: An anonymous cryptocurrency wallet containing $46,076,577 of bitcoin BTC/USD Just transferred your funds on Coinbase. The bitcoin wallet address associated with this transfer has been identified as:
You can view more details about the transaction Here,
why it matters: Transfers from cryptocurrency wallets to exchanges are usually a bearish signal. Most high net worth cryptocurrency traders keep their funds on hardware wallets, as these devices provide better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, protecting their digital assets from online hacks.
When whales move bitcoin to an exchange, it usually means that they are looking for liquidity. It is unlikely that investors plan to hold their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrencies on an exchange are greater than holding these assets in a hardware wallet. It is likely that this bitcoin whale is planning to either sell bitcoin or trade it for other altcoins.
Price Action: Bitcoin is up 10% in the last 24 hours.
See all: how to buy bitcoin
Public blockchain data. received from whale alert twitter,
This article was produced by Benzinga’s Automated Content Engine and reviewed by an editor.