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Bitcoin Whale Just Transferred $96M Worth of BTC Onto Gemini

By Benzinga Insights

What happened: An anonymous cryptocurrency wallet holding $96,174,846 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Gemini. The bitcoin wallet address tied to this transfer has been identified as:

3Kzh9qAqVWQhEsfQz7zEQL1EuSx5tyNLNS

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 Gemini, 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:
$85M In Bitcoin Was Just Transferred Onto Gemini
What happened: An anonymous cryptocurrency wallet holding $85,646,174 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Gemini. The bitcoin…
Bitcoin Whale Just Transferred $693M BTC From Gemini To Binance
What happened: An anonymous Bitcoin (CRYPTO: BTC) whale just transferred $693,979,940 worth of Bitcoin off Gemini, and the investor then…
Someone Just Sent 3,006 Bitcoin Onto Gemini
What happened: An anonymous cryptocurrency wallet holding $99,647,905 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Gemini. The bitcoin…
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…
One subscription that gives you access to news from hundreds of sites
$205M In Bitcoin Was Just Transferred Onto Gemini
What happened: An anonymous cryptocurrency wallet holding $205,455,616 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Gemini. The bitcoin…
Bitcoin Whale Moves 2,500 BTC Off Gemini
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $73,455,145 worth of Bitcoin off Gemini. The BTC address associated with…
Get all your news in one place