Bitcoin anonymous whale has just pulled $ 350 million worth of BTC from Bitfinex – Bitcoin – US Dollar (BTC)

What happened: A Bitcoin (CRYPTO: BTC) Wal has just sent Bitcoin worth $ 349,688,122 from Bitfinex.

The BTC address associated with this transaction has been identified as follows: bc1qd4ysezhmypwty5dnw7c8nqy5h5nxg0xqsvaefd0qn5kq32vwnwqqgv4rzr.

Why it matters: Bitcoin “whale” (investors owning $ 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 desirable 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 private keys in an offline device so that funds cannot be hacked over the internet.

According to Glassnode, only 13.01% of the total supply remains liquid across all centralized exchanges.

Removing BTC from an exchange reduces potential pressure on the sell side, which makes it easier for Bitcoin’s price to go up.

See also: Best crypto apps 2021 and best crypto portfolio trackers

Price action: Bitcoin is down -2.74% in the past 24 hours.

See also: How to Buy Bitcoin

Public blockchain data comes from Whale Alerts Twitter.

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