Anonymous crypto wallet moves $50 million worth of Bitcoin to Coinbase
What happened: An anonymous cryptocurrency wallet containing $50,363,399 worth of Bitcoin (CRYPTO:BTC) has just transferred its funds to Coinbase. The bitcoin wallet address linked to this transfer has been identified as:
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 on a hardware wallet because these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacks.
When whales transfer bitcoins on an exchange, it usually means they are looking for cash. The investor is unlikely to consider holding their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrency on an exchange are higher 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 down -6% in the past 24 hours.
See also: How to buy bitcoins
Public Blockchain Data from Twitter Whale Alerts.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.