Bitcoin Is Exiting Exchanges in $10M+ Batches: Van Straten

The biggest cryptocurrency in terms of market capitalisation, Bitcoin BTCUSD, is battling to maintain a $2 trillion market value and a $100,000 price.

There might be clear skies ahead once bitcoin has definitively surpassed these benchmarks. Bitcoin has surged over $30,000, since Donald Trump won the U.S. election in November, which coincided with several coins leaving exchanges, but primarily BTC leaving in significant amounts.

According to Glassnode statistics, transactions totalling over $10 million in bitcoin have been rapidly exiting exchanges, indicating significant institutional buying. Since the exchange Coinbase seems to be the source of many of these transactions, we have observed a coinbase premium in recent weeks.

According to Glassnode data, about 12,500 BTC ($1.3 billion) have departed exchanges as of yesterday, with Coinbase accounting for about half of this total.

According to Glassnode data, over 200,000 bitcoins have departed exchanges since the U.S. election, leaving about 2.8 million bitcoins on exchanges—the least amount in the previous seven years.

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