What happened: A bitcoin BTC/USD Whale just shipped $59,270,463 worth of Bitcoin from Coinbase.
The BTC address associated with this transaction was identified as follows: 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ.
Why it matters: Bitcoin “whales” (investors holding $10 million or more in BTC) typically send cryptocurrency from exchanges when they plan to hold their investments for a longer period of time. Storing large amounts of money on an exchange poses an additional risk of theft, as exchange wallets are the most desirable target for cryptocurrency hackers.
The best way to secure bitcoin is to hold it in a hardware wallet, which is not possible by holding digital assets on an exchange. hardware wallets Store your private keys in an offline device so funds cannot be hacked through the internet.
Corresponding glass nodeonly 12.62% of the total supply remains liquid across all centralized exchanges.
BTC’s removal from an exchange reduces potential sell-side pressure, allowing Bitcoin’s price to rise more easily.
See also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers
Price promotion: Bitcoin is up 1% in the last 24 hours.
See also: How to buy bitcoin
Public blockchain data comes from Whale Alerts Twitter.
This article was created by Benzinga’s automated content engine and reviewed by an editor.
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