Someone Just Sent 1,791 Bitcoin Onto Coinbase
Bitcoin (CRYPTO: BTC) worth $37,969,212 was just moved from an anonymous cryptocurrency wallet to Coinbase.
Transfers of cryptocurrency from wallets to exchanges are often considered bearish signals.
Due to the increased protection that hardware wallets provide over cryptocurrency exchanges, the majority of high-net-worth cryptocurrency traders keep their money there.
Hardware wallets protect investors' digital funds from online hacks by storing their private keys offline.
Whales usually put bitcoin onto an exchange when they're looking for liquidity.
It's unlikely that the investor intends to store their money on Coinbase
Because the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet.
It's likely that this Bitcoin whale intends to sell Bitcoin or exchange it for other cryptocurrencies.
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