Large bitcoin investors, i.e. those who have at least 100 or 1,000 coins in one wallet, are accumulating again in huge amounts.
The so-called accumulation wallets, which are those who have been active recently but have not yet spent any BTC, also reached a new record.
Bitcoin Whales on Buying Spree
It is safe to say that today’s financial market is full of uncertainty. While humanity was trying to lessen the effects of the COVID-19 epidemic as a potential health hazard, and had shifted its focus to fighting rising inflation, Russia’s leader decided that he would launch a “special military operations” against Ukraine.
It was not surprising that the first European war since WW2 caused significant price disruptions on crypto markets. Bitcoin plummeted initially before rebounding and charting new gains, even reaching $45,000
This latest price rise was a result of the severe sanctions that the West placed on Russia for its aggression. Most of these sanctions are related to Russia’s economy and caused the ruble to collapse.
Glassnode data also showed that BTC addresses with over 100 coins and more than 1000 coins have seen a rapid increase in number.
Many speculated that the increase in large bitcoin wallets could be due to Russia’s financial sanctions and the fact that crypto-exchanges have refused to ban accounts from Russian-based customers.
Bitcoin wallets with 1,000+ coins Glassnode
Bitcoin addresses with 100+ coins Source: Glassnode
Ccumulation wallets are also on the rise
The blockchain analytics company also revealed that accumulation addresses are increasing in speed and have reached an all-time high. Glassnode stated that such wallets have at least two incoming transactions and have never spent any BTC. They also had been active for seven years.
It is worth noting that the firm has not excluded addresses known to be associated with cryptocurrency exchanges and mining entities.
Bitcoin Accumulation Addresses. Source: Glassnode
Marla Brooks – Financial Analysis
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