Bitcoin mass exodus (BTC) exit from crypto exchanges

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is struggling to maintain its $2 trillion market cap and $100,000 price tag.

Once Bitcoin crosses these milestones for good, there may be clear skies ahead. Bitcoin has surged over $30,000 since Donald Trump won the US election in November, prompting a flurry of coin flips, but BTC was the first to break into large chunks.

Glassnode data shows that more than $10 million worth of bitcoin transactions are leaving exchanges at a rapid rate, indicating aggressive buying from the institutional level. Most of these transactions appear to originate from the Coinbase exchange, which is why we took notice Coinbase is premium in recent weeks.

According to Glassnode data, nearly 12,500 BTC ($1.3 billion) left the exchange as of yesterday, with half of that amount leaving Coinbase.

Glassnode data reports that around 200,000 BTC have left exchanges since the US election, leaving around 2.8 million BTC on exchanges, the lowest amount in seven years.