Crypto

Bitcoin Whale Just Added $46 Million in BTC to Coinbase

Bitcoin Cryptocurrency

What happened was this: An anonymous cryptocurrency wallet that had $46,682,509 in Bitcoin BTC recently moved its funds to Coinbase. The bitcoin wallet address associated with this transaction has been determined to be:

3Kzh9qAqVWQhEsfQz7zEQL1EuSx5tyNLNS

What’s at stake: Transferring cryptocurrency from wallets to exchanges is usually regarded as a pessimistic indication. The majority of high-net-worth bitcoin traders keep their money in a hardware wallet, which provides superior protection to cryptocurrency exchanges. Investors’ private keys are stored offline in hardware wallets, which protects their digital funds from online hackers.

When whales deposit BTC on an exchange, they are often looking for liquidity. The investor is unlikely to keep their cryptocurrency on Coinbase because the security risks of storing big sums of cryptocurrency on an exchange are higher than storing these assets in a hardware wallet. This BTC whale is most likely aiming to either sell Bitcoin or trade it for other altcoins.

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Price Action: BTC’s price has dropped by 2% in the last 24 hours.

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.