What happened: An anonymous cryptocurrency wallet that held $39,293,387 of Bitcoin (CRYPTO: BTC) has transferred its funds to Coinbase. The Bitcoin wallet address associated with this transfer is identified as follows:
You can see more details about the deal here.
why does it matter: Cryptocurrency transfers from wallets to exchanges are usually a bearish signal. Most high net worth cryptocurrency traders keep their funds in hardware wallets, as these hardware offers better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacking.
When whales transfer bitcoins to the exchange, this usually means that they are looking for liquidity. It is unlikely that the investor plans to hold his cryptocurrency on Coinbase, as the security risks of holding large amounts of cryptocurrency on the exchange are higher than holding these assets in a hardware wallet. It is possible that this Bitcoin whale is either planning to sell Bitcoin or trade it for other currencies.
price movement: Bitcoin price is down -2% in the last 24 hours.
See also: How to buy bitcoin
Public Blockchain Data Source From Whale Alerts on Twitter.
This article was created by the Benzinga Automated Content Engine and reviewed by an editor.