Institutional demand for bitcoin has increased significantly since Donald Trump’s election victory in November, propelling the cryptocurrency toward significant milestones.
Bitcoin (BTC), the largest cryptocurrency by market cap, is aiming for two major targets: a $2 trillion market cap and a price point of $100,000. If bitcoin can clear these hurdles, it could set the stage for a more bullish future.
Following Trump’s election, bitcoin has risen by more than $30,000, and there’s been a notable increase in the volume of BTC leaving exchanges. According to Glassnode data, large bitcoin transactions of over $10 million are being withdrawn at an accelerated rate, pointing to heavy institutional buying. Many of these large transactions are originating from Coinbase, contributing to the recent premium observed on the exchange.
As of yesterday, nearly 12,500 BTC, worth approximately $1.3 billion, were removed from exchanges, with about half of that total coming from Coinbase, Glassnode reports.
Since the election, about 200,000 BTC have been withdrawn from exchanges, leaving just 2.8 million BTC remaining, the lowest figure in the past seven years.
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