• Sat. May 21st, 2022

Someone Just Sent $117 Million in Bitcoin to Gemini

ByHazel R. Lang

Apr 28, 2022

What happened: An anonymous cryptocurrency wallet containing $117,503,458 worth of Bitcoin BTC/USD have just transferred their funds to Gemini. The bitcoin wallet address linked to this transfer has been identified as:

3Kzh9qAqVWQhEsfQz7zEQL1EuSx5tyNLNS

You can see more details about the transaction here.

Why is this important: Cryptocurrency transfers from wallets to exchanges are usually a bearish signal. Most high net worth cryptocurrency traders hold their funds on a hardware wallet because these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacks.

When whales transfer bitcoins on an exchange, it usually means they are looking for cash. The investor is unlikely to consider holding their crypto on Gemini, as the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet. It is likely that this bitcoin whale is planning to either sell bitcoin or trade it for other altcoins.

Price Action: Bitcoin is up 1% in the past 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.



Source link