What happened: An anonymous cryptocurrency wallet holding $40,400,423 of Bitcoin BTC/USD just transferred their funds onto Gemini. The bitcoin wallet address tied to this transfer has been identified as:
Why it matters: Cryptocurrency transfers from wallets to exchanges are typically a bearish signal. Most high-networth cryptocurrency traders hold their funds on a hardware wallet, as 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 bitcoin onto an exchange, this typically means they are looking for liquidity. It's unlikely that the investor plans to hold 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's likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins.
Continue read on https://www.benzinga.com/markets/cryptocurrency/22/07/27973819/bitcoin-whale-just-transferred-40m-worth-of-btc-onto-gemini