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Bitcoin Whale Just Transferred $171M Worth of BTC Onto Coinbase

By Benzinga Insights

What happened: An anonymous cryptocurrency wallet holding $171,876,788 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as:

19p8KN2S3f8xM53C7xWrruMKUYN2zoqQkh

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.

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Dive Deeper:
This Wallet Just Transferred $90M Worth Of BTC Onto Coinbase
What happened: An anonymous cryptocurrency wallet holding $90,815,245 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. The bitcoin…
Bitcoin Whale Just Transferred $384M Worth of BTC Onto Gemini
What happened: An anonymous cryptocurrency wallet holding $384,857,910 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Gemini. The bitcoin…
Bitcoin Whale Just Transferred $127M BTC From Binance To Coinbase
What happened: An anonymous Bitcoin (CRYPTO: BTC) whale just transferred $127,147,451 worth of Bitcoin off Binance, and the investor then…
This Wallet Just Transferred $75M Worth Of BTC Onto Bitstamp
What happened: An anonymous cryptocurrency wallet holding $75,778,870 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Bitstamp. The bitcoin…
One subscription that gives you access to news from hundreds of sites
Bitcoin Whale Just Transferred $75M Worth of BTC Onto Bitstamp
What happened: An anonymous cryptocurrency wallet holding $75,778,870 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Bitstamp. The bitcoin…
Anonymous Bitcoin Whale Just Moved $593M Worth Of BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $593,723,561 worth of Bitcoin off Coinbase. The BTC address associated with…
Get all your news in one place