Bitcoin Whale Moves 9,901 BTC Off Coinbase – Benzinga – Benzinga

What happened: A Bitcoin (CRYPTO: BTC) whale just sent $393,077,696 worth of Bitcoin off Coinbase.

The BTC address associated with this transaction has been identified as: 1J9eoDbkVYMYHCKbHZ6M6EjCXcsYKJd9M5.

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 cant be done through holding digital assets on an exchange. Hardware wallets store ones private keys in an offline device, making it impossible for funds to be hacked via the internet.

According to Glassnode, only 13.47% 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 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 Benzingas automated content engine and reviewed by an editor.

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Bitcoin Whale Moves 9,901 BTC Off Coinbase - Benzinga - Benzinga