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Anonymous Crypto Wallet Moves $79M Worth Of Bitcoin Onto Coinbase

By Benzinga Insights

What happened: An anonymous cryptocurrency wallet holding $79,261,873 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as:

bc1qpkw9m9uzep2tk34dgrn74j6lnmzwp6vr7nh67r

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 0% 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.

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Dive Deeper:
Anonymous Crypto Wallet Moves $384M Worth Of Bitcoin
What happened: $384,431,740 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction.…
Anonymous Bitcoin Whale Just Moved $71M Worth Of BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $71,901,921 worth of Bitcoin off Coinbase. The BTC address associated with…
Anonymous Crypto Wallet Moves $432M Worth Of Bitcoin
What happened: $432,121,882 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction.…
Anonymous Bitcoin Whale Just Moved $76M Worth Of BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $76,904,365 worth of Bitcoin off Coinbase. The BTC address associated with…
One subscription that gives you access to news from hundreds of sites
Anonymous Crypto Wallet Moves $220M Worth Of Ethereum
What happened: $220,314,020 worth of Ethereum (CRYPTO: ETH) was just moved between 2 anonymous cryptocurrency wallets in a single transaction.…
Anonymous Bitcoin Whale Just Moved $147M Worth Of BTC Off Gemini
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $147,666,408 worth of Bitcoin off Gemini. The BTC address associated with…
Get all your news in one place