Bitcoin Whale moves 2,528 BTC out of Coinbase by Benzinga
© Reuters. Bitcoin Whale moves 2,528 BTC out of Coinbase
What happened: A whale (CRYPTO:BTC) just sent $99,898,314 worth of Bitcoin out of Coinbase (NASDAQ:).
The BTC address associated with this transaction was identified as: bc1qfpv7fjkkag4e85kwuc4d6ghpu5fsesyn2363kv.
Why it matters: Bitcoin “whales” (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when they plan to hold their investments for an extended period of time. Storing large sums of money on an exchange poses an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.
The best way to secure Bitcoin is to keep it on a hardware wallet, which cannot be done by holding digital assets on an exchange. Hardware wallets store a person’s private keys in an offline device, making it impossible to hack funds through the internet.
According to Glassnode, only 13.44% of the total supply remains liquid on all centralized exchanges.
Removing BTC from an exchange reduces potential sell-side pressure, allowing the price of Bitcoin to rise more easily.
See also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers
Price Action: Bitcoin is down -7% in the past 24 hours.
See also: How to buy Bitcoin
Blockchain public data sourced from Whale Alerts Twitter (NYSE:).
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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