What happened: A Bitcoin whale (CRYPTO: BTC) has sent Bitcoin worth $31,690,273 from Coinbase.
The BTC address associated with this transaction is identified as follows: bc1qfpv7fjkkag4e85kwuc4d6ghpu5fsesyn2363kv.
why does it matter: Bitcoin “Whales” (investors holding $10 million or more in BTC) usually send cryptocurrency from exchanges when planning to hold their investment for an extended period of time. Storing large amounts of money on the 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 by keeping it in a hardware wallet, something that cannot be done by holding digital assets on an exchange. Hardware wallets Storing an individual’s private keys in an offline device, making it impossible to hack online money.
according to glassOnly 13.45% of the total supply remains liquid on all centralized exchanges.
Removing BTC from the exchange reduces potential sell-side pressure, allowing the price of Bitcoin to increase more easily.
See also: Best Crypto Apps of 2021 and Best Crypto Wallet Tracker
price movement: Bitcoin price is down -7% in the last 24 hours.
See also: How to buy bitcoin
Public Blockchain Data Source From Whale Alerts on Twitter.
This article was created by the Benzinga Automated Content Engine and reviewed by an editor.