As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by this latest development. The significant drop in Bitcoin exchange reserves since the US presidential election is reminiscent of a gold rush, with investors and whales scrambling to hoard digital gold before it’s too late.
Over the past few months, there’s been a significant decrease in the stored Bitcoin reserves at exchanges, reaching record lows not seen in years. This decline appears to be linked to substantial withdrawals that have taken place following the US presidential election in early November, which triggered an impressive surge in the cryptocurrency market.
Since Donald Trump won the 2016 presidential election, around 171,000 Bitcoins have been transferred out of cryptocurrency exchange platforms, which could be contributing to the recent market surge due to Trump’s favorable views on cryptocurrencies expressed during his campaign.
It appears that the data from our firm indicates a consistent decrease in the amount of Bitcoin held by exchanges since the start of this year. Initially, approximately 3 million Bitcoins were on cryptocurrency exchange platforms. However, this number has dropped significantly to roughly 2.64 million coins as of now.
According to a report from CryptoGlobe, large Bitcoin investors (referred to as “whales”) have been gradually stockpiling Bitcoin over the past few weeks, with the price of Bitcoin trading below the significant barrier at approximately $100,000. Data from CryptoQuant indicates that around 16,000 Bitcoins, worth roughly $1.5 billion, entered the whales’ reserves in a single day towards the end of last month.
Having fewer Bitcoins on exchanges means there’s less of it up for sale, potentially increasing scarcity. If this decrease in supply coincides with consistent or growing demand, it may cause an increase in the Bitcoin price.
Bitcoin’s price has been steadily climbing towards the significant level of $100,000 following a rapid increase since Trump won the U.S. elections. Currently, Bitcoin is trading at approximately $96,700, having climbed over 40% in the past month.
As more and more whales invest, the combined holdings of the Bitcoin exchange-traded fund (ETF) managed by BlackRock – the world’s largest asset manager – have now exceeded half a million Bitcoins.
A Nasdaq-traded data analytics company, MicroStrategy, has been significantly amassing Bitcoin. This month alone, they purchased an additional 15,400 coins worth $1.5 billion, raising their total Bitcoin holdings to more than 400,000.
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2024-12-04 17:42