Recently, a Bitcoin (BTC) whale transferred $95 million worth of BTC to Coinbase, one of the largest cryptocurrency exchanges.
Bitcoin whale takes action: Transfer to Coinbase
An anonymous cryptocurrency wallet holding $95,557,820 in Bitcoin transferred its funds to Coinbase. It is stated that the Bitcoin wallet address associated with this transfer is 3Kzh9qAqVWQhEsfQz7zEQL1EuSx5tyNLNS. Cryptocurrency transfers from wallets to exchanges are often a bearish signal, experts say. Most high-net-worth cryptocurrency traders keep their funds in a hardware wallet because these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline and protect their digital assets from online attacks.
When whales transfer BTC to an exchange, it usually means they are looking for liquidity. Since the security risks of holding large amounts of cryptocurrencies on an exchange are higher than holding these assets in a hardware wallet, it is unlikely that the investor plans to keep their cryptocurrencies on Coinbase. According to experts, it is likely that this Bitcoin whale plans to either sell BTC or exchange it for other altcoins. At the time of writing, the price of Bitcoin has risen to $48,448 in the last 24 hours. The rise of the largest cryptocurrency, which was traded at around $ 46,000 in the morning, coincided with around 3 percent. While BTC has risen 1.6% in the last 14 days, it has lost 15% in the last 30 days.