Market participants have moved a substantial amount of Bitcoin from exchanges since the U.S. election victory of Donald Trump.
The crypto market has seen optimism following Donald Trump’s election victory, leading to a rush on crypto assets, particularly Bitcoin. Recent data suggests that the asset’s exchange supply has decreased at an astonishing pace following the U.S. presidential election.
Bitcoin Investors Swipe Over 180,000 Coins
Investors have taken off a staggering 181,000 BTC, worth nearly $18 billion at current rates, from exchanges in the month since the U.S. elections, according to data from Steno Research senior crypto analyst Mads Eberhardt on Monday, December 9.
For context, this figure alone represents 36.2% of the 500,000 Bitcoin tokens that have been taken off exchanges year-to-date (YTD).
Since the U.S. Presidential election, the Bitcoin balance on exchanges has decreased by more than 181,000 bitcoins, worth nearly $18 billion.
Year-to-date, the exchange balance is down by more than 500,000 bitcoins. pic.twitter.com/Oogu4JnTxP
— Mads Eberhardt (@MadsEberhardt) December 9, 2024
The Bitcoin rush comes as the president-elect has made several pro-Bitcoin promises, including the establishment of a national Bitcoin reserve.
The recent data could have significant implications for the asset’s price, as a decrease in supply with sustained or increased demand could see prices rise.
Notably, the exchange withdrawals have contributed to the asset’s run since the election. Specifically, the asset has surged over 47%, from around the $67,850 price point to record highs above $100,000.
Interestingly, public corporations are leading the recent Bitcoin rush. In the past few weeks, corporations like MicroStrategy, Marathon Digital, and Metaplanet have been on an accumulation spree.
MicroStrategy alone has purchased over 171,430 bitcoins worth nearly $17 billion since the election, per data from Bitcoin Treasuries. The firm announced its most recent acquisition on Monday, December 9, disclosing that it purchased 21,550 bitcoins worth $2.1 billion between December 2 and December 8.
Corporations have increasingly begun adding Bitcoin to their balance sheets as a means of driving value, as stocks tied to these firms often become proxies for investors seeking exposure to the leading digital asset.
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