• Wed. Jun 22nd, 2022

Anonymous Bitcoin Whale Just Moved $104 Million Of BTC Out Of Gemini

ByHazel R. Lang

Jun 9, 2022

What happened: a bitcoin BTC/USD whale just sent $104,142,802 worth of Bitcoin off Gemini.

The BTC address associated with this transaction has been identified as: bc1qg2v98m3p22myv3dtn8wmaeg0s6ffyyhanzcrw3.

Why is this important: Bitcoin “Whales” (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when they plan to hold their investments for an extended period of time. Storing large sums 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 to keep it on a hardware wallet, which cannot be done by holding digital assets on an exchange. Hardware wallets store their private keys in an offline device, making it impossible to hack funds through the Internet.

According glass knotonly 13.02% of the total supply remains liquid on all the centralized exchanges.

Removing BTC from an exchange reduces potential sell-side pressure, allowing Bitcoin’s price to rise more easily.

See also: Best Crypto Apps 2021 and Top Crypto Portfolio Trackers

Price Action: Bitcoin is down 0% in the last 24 hours.

See also: How to buy bitcoins

Public Blockchain Data from Twitter Whale Alerts.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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