What happened: A Bitcoin BTC/USD whale just sent $593,723,561 worth of Bitcoin off Coinbase.
The BTC address associated with this transaction has been identified as: 3GoyTuGqJUC6PhLx2PzVXcz86rjsAMBtoS.
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 12.84% 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.
Price Action: Bitcoin is down -5% 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.