Bitcoin Whale Just Transferred $65M Worth of BTC Onto Coinbase By Benzinga

© Reuters. Bitcoin Whale Just Transferred $65M Worth of BTC Onto Coinbase

What happened: An anonymous cryptocurrency wallet holding $65,825,306 of (CRYPTO: BTC) just transferred their funds onto Coinbase (NASDAQ:). The bitcoin wallet address tied to this transfer has been identified as:

1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ

You can view more details about the transaction here.

Why it matters: Cryptocurrency transfers from wallets to exchanges is typically a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as 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 bitcoin onto an exchange, this typically means they are looking for liquidity. It’s unlikely that the investor plans to hold 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’s likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins.

Price Action: Bitcoin is down -4% in the past 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain 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.

Read at Benzinga

Read the original article on Benzinga

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This news is republished from another source. You can check the original article here

Be the first to comment

Leave a Reply

Your email address will not be published.


*