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Giant transfer transaction in Bitcoin

An anonymous Bitcoin cryptocurrency wallet worth $68,587,415 transferred its balance to Coinbase.

Why is this process important?

Cryptocurrency transfers from wallets to exchanges are often a bearish signal. Most wealthy cryptocurrency traders keep their funds in a hardware wallet as it offers better security than currency exchanges.

Hardware wallets protect investors’ digital assets from online attacks by storing their private keys offline.

When whales transfer bitcoin to an exchange, it usually means they are looking for liquidity. Since the security risks of holding large amounts of cryptocurrencies on an exchange are higher than holding it in a hardware wallet, it is unlikely that the investor plans to keep the cryptocurrency on Coinbase.

It seems likely that this bitcoin whale plans to sell bitcoin or trade it for other altcoins.

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Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

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