Bitcoin Migrating from Exchanges in Packs of $10 Million or More: Insights from Van Straten
Institutional interest in Bitcoin has surged since the recent U.S. presidential election.
- Recent data indicates that coins valued at $10 million or more are consistently exiting exchanges.
- Bitcoin is making efforts to solidify a market cap of $2 trillion along with a price target of $100,000.
The Current Situation
Bitcoin (BTC), the foremost cryptocurrency by market value, is striving to maintain a market capitalization of $2 trillion and is approaching the $100,000 mark. The upward trend follows Trump's election win in November, as more coins have started to exit exchanges, with BTC being withdrawn in large segments.
Key Insights from Glassnode
According to Glassnode, transactions surpassing $10 million in Bitcoin are increasingly leaving exchanges, highlighting substantial institutional buying activity. Many of these transactions are traced back to the Coinbase exchange, as reflected in the recent spike in the Coinbase premium. Notably, nearly 12,500 BTC, worth approximately $1.3 billion, were withdrawn from exchanges recently, with around half of that amount attributed to Coinbase. Since the elections, around 200,000 BTC have exited exchanges, resulting in a remaining balance of roughly 2.8 million BTC, the lowest seen in seven years.
Visual Data
BTC: Net Transfer Volume from/to Exchanges Breakdown by Size (Glassnode)
BTC Exchange Balance (Glassnode)
Conclusion
The significant patterns of Bitcoin leaving exchanges suggested new investment strategies amongst institutions, indicating a robust demand for Bitcoin amidst changing market dynamics.
