Institutional interest in bitcoin has surged since Donald Trump’s November victory in the U.S. election, with the cryptocurrency now approaching key market milestones.
Bitcoin (BTC), the leading cryptocurrency by market capitalization, is striving to maintain a $2 trillion market cap and break through the $100,000 price barrier. Once these thresholds are surpassed, the market outlook for bitcoin could improve significantly.
Since Trump’s election, bitcoin has gained over $30,000, coinciding with a large number of coins, particularly BTC, leaving exchanges. Glassnode data indicates a rapid outflow of bitcoin transactions exceeding $10 million in value, signaling aggressive institutional buying. A significant portion of these withdrawals is coming from Coinbase, which has led to the emergence of a Coinbase premium in recent weeks.
As of yesterday, nearly 12,500 BTC, valued at approximately $1.3 billion, left exchanges, with around half of that amount exiting from Coinbase, according to Glassnode data.
Since the U.S. election, approximately 200,000 BTC have been withdrawn from exchanges, leaving just 2.8 million BTC on exchanges—the lowest level seen in the past seven years.
