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What Happened: A Bitcoin Whale (CRYPTO: BTC) just sent $ 48,164,906 worth of Bitcoin to Coinbase.
The BTC address associated with this transaction has been identified as: 3Kzh9qAqVWQhEsfQz7zEQL1EuSx5tyNLNS.
Why it matters: Bitcoin’s “whales” (investors with $ 10 million or more in BTC) typically send cryptocurrencies from exchanges when they plan to hold their investments for an extended period of time. Storing large sums of money on an exchange presents 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 in a hardware wallet, which cannot be done by holding digital assets on an exchange. Hardware wallets store its private keys in an offline device, making it impossible to hack funds through the Internet.
According to Glassnode, only 13.59% of the total supply remains liquid on all centralized exchanges.
Removing BTC from an exchange reduces the potential selling pressure, allowing the price of Bitcoin to rise more easily.
See Also: Best Crypto Apps 2021 and Best Crypto Wallet Trackers
Price Action: Bitcoin has fallen -1% in the past 24 hours.
See also: How to buy Bitcoin
Public blockchain data from Whale Alerts Twitter.
This article was generated by Benzinga’s automated content engine and edited by an editor.
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