Bitcoin Is Leaving Exchanges in Batches of $10M or More: Van Straten
2024-12-12
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Bitcoin BTCUSD, 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.