What happened: An anonymous cryptocurrency wallet holding $41,842,342 of Bitcoin BTC/USD just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as:
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 -2% in the past 24 hours.
See Also: How To Buy Bitcoin
Public Blockchain data sourced from Whale Alerts Twitter.
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.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.