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what happened: Anonymous cryptocurrency wallet holding $43,893,970 of Ethereum Ethereum/USD I just transferred the funds to Coinbase. The Ethereum wallet address associated with this transfer has been identified as follows:
0x6013f46da57f86e331c9f4bb313150fc06f1fc79.
Click here for transaction details.
Important reasons: Abnormally large cryptocurrency transfers from wallets to exchanges are usually a bearish signal. Most high net worth cryptocurrency traders keep their funds in hardware wallets because these devices offer better security than cryptocurrency exchanges. A hardware wallet stores an investor’s private keys offline and protects their digital assets from hacking him online.
When whales transfer Ethereum to exchanges, this usually means they are looking for liquidity. An investor plans to hold cryptocurrencies in his Coinbase because the security risks of holding large amounts of cryptocurrencies on exchanges are higher than holding these assets in hardware wallets. Not likely. This Bitcoin whale may be planning to sell Ethereum or exchange it for other altcoins.
Price action: Ethereum is up 2% over the last 24 hours.
Related item: how to buy ethereum
Public blockchain data source Whale Alert Twitter.
This article was generated by Benzinga’s automated content engine and reviewed by editors.
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