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Bitcoin Whale Moves 2,412 BTC Off Coinbase

By Benzinga Insights

What happened: A Bitcoin (CRYPTO: BTC) whale just sent $66,575,526 worth of Bitcoin off Coinbase.

The BTC address associated with this transaction has been identified as: 1CxKZossLsYpyRxHoxSp76EAZmvDhLULhq.

Why it matters: Bitcoin "Whales" (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts 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 through holding it on a hardware wallet, which can't be done through holding digital assets on an exchange. Hardware wallets store one's private keys in an offline device, making it impossible for funds to be hacked via the internet.

According to Glassnode, only 13.35% of the total supply remains liquid across all centralized exchanges.

The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Bitcoin is down -6% 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:
Bitcoin Whale Moves 2,457 BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $74,981,878 worth of Bitcoin off Coinbase. The BTC address associated with…
Bitcoin Whale Moves 3,400 BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $96,911,037 worth of Bitcoin off Coinbase. The BTC address associated with…
Bitcoin Whale Moves 2,273 BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $71,948,439 worth of Bitcoin off Coinbase. The BTC address associated with…
Bitcoin Whale Moves 2,500 BTC Off Coinbase
What happened: A Bitcoin (CRYPTO: BTC) whale just sent $77,357,065 worth of Bitcoin off Coinbase. The BTC address associated with…
One subscription that gives you access to news from hundreds of sites
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 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…
Get all your news in one place