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Institutional appetite for bitcoin has grown since Donald Trump won the U.S. election back in November.
Dec 12, 2024, 11:09 a.m. UTC
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is fighting a big milestone trying to sustain a $2 trillion market cap and a $100,000 price.
Once bitcoin has conclusively overcome these milestones, there may be clear skies ahead. Bitcoin has rallied over $30,000, since Donald Trump won the U.S. election in November, which coincided with many coins leaving exchanges, but primarily BTC leaving in large chunks.
Glassnode data shows that transactions worth more than $10 million of bitcoin have been leaving exchanges at a rapid rate which signals aggressive buying from an institutional level. Many of these transactions appear to be coming from the exchange Coinbase, which is why we have noticed a Coinbase premium in recent weeks.
As of yesterday, almost 12,500 BTC ($1.3 billion) left exchanges, with roughly half of this amount leaving Coinbase, according to Glassnode data.
Since the U.S. election, Glassnode data reports that roughly 200,000 BTC have left exchanges, which leaves roughly 2.8 million BTC on exchanges which is the lowest amount in the past seven years.
BTC Exchange Balance (Glassnode)
James Van Straten
As the senior analyst at CoinDesk, specializing in Bitcoin and the macro environment. Previously, working as a research analyst at Saidler & Co., a Swiss hedge fund, introduced to on-chain analytics. James specializes in daily monitoring of ETFs, spot, futures volumes, and flows to understand how Bitcoin interacts within the financial system. James holds more than $1,000 worth of bitcoin, MicroStrategy (MSTR) and Semler Scientific (SMLR).
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