Recently, a Bitcoin (BTC-USD) whale just sent off for trading $31,974,278 worth of Bitcoin stock (BTC-USD) from Coinbase.
This transaction’s Bitcoin address is 3LUKb8pEiaGTCgKn5fMyvyiBbba45Et5nh. It can be found on the blockchain as 3LUKb8pEiaGTCgKn5fMyvyiBbba45E
Why is This Important?
When Bitcoin “Whales”, investors who have $10 million or more in Bitcoin stock (BTC-USD), wish to hold their assets for an extended period of time, they routinely transfer bitcoin from exchanges. This is why it is essential.
The risk of having large quantities of money stolen from an exchange wallet is increased by the fact that exchange wallets are the most sought-after target for thieves targeting cryptocurrencies.
Storing digital assets on an exchange is incapable of providing the same level of security as keeping them in a hardware wallet, which is the most secure location for Bitcoin storage. It is far more difficult to steal money via the internet when a person uses a hardware wallet since the private keys are stored in a device that is not connected to the internet.
According to Glassnode’s research, just 12.49 percent of the entire supply is still considered to be liquid across all centralized exchanges.
The removal of bitcoins from an exchange reduces the likelihood of sell-side pressure, which in turn makes it simpler for the price of bitcoin to increase.
Over the last twenty-four hours, the price of bitcoin has decreased by 1%.
What is the Fate of Bitcoin Stock?
Bitcoin stock (BTC-USD) has lost more than half of its value from its all-time highs in 2021. While there have been some tiny gains in recent weeks, the crypto market as a whole remains fairly stagnant. While no one knows for certain, some analysts believe cryptocurrency values may fall considerably farther before seeing a lasting rebound.
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