What happened: A Bitcoin whale (CRYPTO:BTC) just sent $59,522,264 worth of Bitcoin to Coinbase.
The BTC address associated with this transaction has been identified as: bc1qc7a4d4c4w404yrxch03cp74h4mg6wwlztvtp2t.
Why is this important: Bitcoin “Whales” (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when they plan to hold their investments for an extended period of time. Storing large sums of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.
The best way to secure Bitcoin is to keep it on a hardware wallet, which cannot be done by holding digital assets on an exchange. Hardware Wallets store their private keys in an offline device, making it impossible to hack funds through the Internet.
According to glass knot, only 13.45% of the total supply remains liquid on all the centralized exchanges.
Removing BTC from an exchange reduces potential sell-side pressure, allowing Bitcoin’s price to rise more easily.
See also: Best Crypto Apps 2021 and Top Crypto Portfolio Trackers
Price Action: Bitcoin is down -2% in the last 24 hours.
See also: How to buy bitcoins
Public Blockchain Data from Twitter Whale Alerts.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.