Large bitcoin investors, more specifically such holding at least 100 and 1,000 coins in a single wallet, have started accumulating once again in massive portions.
At the same time, so-called accumulation wallets – meaning those that have been active lately but haven’t spent BTC – hit a new all-time high.
Bitcoin Whales on Buying Spree
It’s safe to conclude that there’s a lot of uncertainty in today’s financial world. While humanity was about to reduce the impact of the COVID-19 pandemic as a health hazard and had changed its focus to fighting the growing inflation, Russia’s leader decided to launch a “special military operation” against Ukraine.
Quite unexpectedly, the first European war since World War II caused substantial price disruptions in the crypto markets. Initially, bitcoin fell hard before rebounding and even saw further gains reaching $45,000.
The latest price increase came following the steep sanctions that the West imposed on Russia because of its aggression, most of which are related to its economy, causing the ruble to crumble.
At the same time, data from Glassnode showed that the number of BTC addresses containing over 100 and over 1,000 coins exploded in a short time.
Keeping in mind the financial sanctions against Russia and that crypto exchanges refused to ban the accounts of Russian-based customers, many speculated that some of these increases of large bitcoin wallets could come from the world’s largest country by landmass or at least be related to the events.
Accumulation wallets are also on the rise
Other data from the blockchain analytics firm indicated that accumulation addresses have picked up speed lately and hit a new all-time high. According to Glassnode, these wallets have had at least two incoming transactions, never spent any of their BTC, and have been active for the past seven years.
It’s worth noting, though, that the firm has excluded known addresses belonging to cryptocurrency exchanges or mining entities.
