Bitcoin Whales Wake Up From 14-Year Slumber to Move Over $2B of BTC
Early Friday, two wallets, labelled "12tLs...xj2me" and "1KbrS...AWJYm," moved 20,000 BTC, worth over $2 billion, to new addresses. These flows were first noted by blockchain sleuth Whale Alert, and later by Lookonchain. The addresses received these coins on April 3, 2011, when bitcoin was priced at around 78 cents.
Today, BTC is over $109,000, implying a staggering 140,000-fold return for the two whale addresses, which means that they have a strong incentive to liquidate their holdings. Many long-term holders have been selling their coins ever since BTC crossed above $100,000 in May.
That said, the latest transfers were made to non-exchange addresses, which have gone silent since receiving these coins. So, it's too early to conclude that the transfer operation is aimed at taking profits.
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Best bitcoin and crypto wallets, compared Best for beginners Best for security Best balance between accessibility and security Best for desktop Best for mobile users Wallet Coinbase wallet Trezor Model T Ledger Nano X Exodus Mycelium Wallet price Free $219 $149 Free Free Offline storage No Yes Yes No No Custodial No No No No No Mobile version Yes Compatible with mobile app Compatible with mobile app Compatible with mobile app Yes How many supported coins and tokens 11+ 1,800+ 5,500+ 260+ 10+ What is a crypto wallet and how does it work? A cryptocurrency wallet is how you access and store your digital assets. They're available as a physical, offline wallet, known as cold wallet or a digital, online wallet, known as a hot wallet. There are three kinds of hot wallets -- mobile app wallets, desktop wallets and online wallets. Mobile app wallets are used on your phone to facilitate purchases using crypto while desktop wallets are software installed on your computer. Online wallets are custodial wallets owned by the companies behind crypto exchanges. No matter which type of wallet you have, you're able to transfer, store and receive your coins with it. Your crypto isn't actually stored on the wallet, however, but rather your keys to access the coins which are stored on the blockchain. Your key is a unique code that verifies that the assets you're trying to access are yours. There's a public key which is how you send crypto to your wallet, and a private key which proves ownership of the assets. Both hot and cold wallets have their drawbacks. A hot wallet could be targeted by malicious hackers, while a physical wallet could be misplaced and cause you to lose access to your digital assets. Physical wallets are also more expensive as most hot wallets are free. Do I need a crypto wallet? While you could keep your assets in an online brokerage like Coinbase, a crypto wallet is the safest way to store your digital assets. 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Seed phrases are randomly generated combinations of words that can be used to recover or access your account in the instance you don't have your cold wallet or your hot wallet becomes disconnected. Fees While transactions on the blockchain may come with fees, hot wallets like Exodus are typically free to use, while the cold wallets on this list cost up to $255. Ease of use Hot wallets are easier to use than cold wallets, simply because you don't need to take an extra step to access them. Hot wallets are connected to your browser via an extension, to your phone if you're using a mobile wallet, or via software downloaded to your computer. They can be accessed any time, while cold wallets require a physical dongle to be connected to your computer. Amount of trading If you plan to do a lot of trading, you'll need a wallet with advanced features. Some wallets support a lower number of digital assets, so you'll want to opt for one that caters to a wider range of coins. 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That noted, if you're just dipping a toe, services such as PayPal and Robinhood allow you to buy a coin or fractions of a coin and store it on their servers. These are custodial wallets, however, where you don't hold the private key. We recommend noncustodial wallets for long-term cryptocurrency users and investors. How much money do I need to open a crypto wallet? It depends. Hardware-based wallets generally cost between $100 and $200, though many software-based wallets are free. Most don't require you to actually own any cryptocurrency. Which wallet is best for beginners? If you've never used cryptocurrency before, we recommend Coinbase Wallet. Coinbase is a well-known, US-based crypto exchange that's easy to use, and it works well with Coinbase Wallet. Which wallet is best for advanced users? Today's cold storage wallets can be quickly and easily connected to the internet for fast transactions, so most advanced users nowadays are probably most interested in a cold storage wallet. The hardware wallets sold by Ledger and Trezor are both good options. What are the risks? Cryptocurrency is subject to far less regulation than conventional investments and securities. While the lack of oversight is an attractive feature to some investors, it's important to know that bitcoin and other cryptocurrencies are highly volatile, experience dramatic price swings on a daily or even hourly basis and lack many of the protections of other forms of investment. The risks are significant. Are assets in crypto wallets insured? While the companies offering crypto wallets may offer some guarantees to customers and users, the Federal Deposit Insurance Corporation does not currently insure digital assets like cryptocurrency. That noted, the environment is evolving and many government agencies, including the FDIC, are gathering information and considering legislation for the future. What's the safest crypto wallet? Cold storage wallets are generally thought of as a more secure way to store cryptocurrency when compared to a hot storage wallet. If you plan to store a large amount of coins or tokens for any length of time, we recommend using a cold wallet. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
