$ 39 million in Bitcoin just transferred to Coinbase
What happened: An anonymous cryptocurrency wallet containing $ 39,293,387 worth of Bitcoin (CRYPTO: BTC) has just transferred its funds to Coinbase. The Bitcoin wallet address linked to this transfer has been identified as follows:
You can see more details about the transaction here.
Why is this important: Cryptocurrency transfers from wallets to exchanges are usually a bearish signal. Most high net worth cryptocurrency traders hold their funds in a hardware wallet as these devices offer better security than cryptocurrency exchanges. Hardware wallets store private keys of investors offline, securing their digital assets against online hackers.
When whales transfer bitcoin to an exchange, it usually means that they are looking for cash. The investor is unlikely to consider keeping their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrency on an exchange are greater than holding those assets in a hardware wallet. It is likely that this Bitcoin whale is considering selling Bitcoin or trading it for other altcoins.
Price action: Bitcoin is down -2% in the past 24 hours.
See also: How to buy Bitcoin
Public Blockchain data from Twitter Whale Alerts.
This article was generated by Benzinga’s automated content engine and edited by an editor.