Bitcoin ($BTC) Whale Activity Jumped after Price Bottomed out, Says Crypto Analytics Firm

Bitcoin ($BTC) whales have seemingly been buying the cryptocurrency’s price dip shortly after its price bottomed out around the $34,700 mark last Thursday after Russian President Vladimir Putin announced a “special military operation” against Ukraine in what is now seen as a full-scale invasion of the country.

According to cryptocurrency analytics firm Santiment, after BTC’s price crashed on Russia’s military advance over Ukraine, bitcoin whales made “some massive transactions,” meaning that BTC holders with between $100,000 and $1 million in their wallets quickly moved funds in reaction to the announcement.

Whether the whales were getting ready to sell their coins or improving their security – among other possibilities – is unclear. As reported, BTC’s price plunged shortly after the invasion was announced, but it has since quickly recovered to now trade above $40,000.

Late last week, in a televised speech, President Putin warned the United States and NATO against getting involved, saying that anyone who “tries to interfere with us, or even more so, to create threats  for our country and our people, must know that Russia’s response will be immediate and will lead you to such consequences as you have never before experienced in your history.”

Russia’s military action has been met with condemnation from world leaders, with various western nations imposing sanctions against Russia that have even included disconnecting some of its banks from the SWIFT network.

Santiment, as Daily Hodl reports, has also noted that BTC’s token circulation hit a 9-month high which reveals “just how polarized traders have become with the war,” as the spike in token circulation was similar to one seen in March 2020, when cryptoasset prices crashed nearly 50%.

While when the war started the Ukrainian government did not accept cryptocurrency donations and these were floating toward Come Back Alive, an NGO supporting the country’s military, as the war with Russia kept raging on the government’s official Twitter account revealed it’s now accepting donations in the form of Bitcoin ($BTC), Ethereum ($ETH) ,and $USDT.

Cryptocurrency donations sent to the Ukrainian government and several non-governmental organizations meant to support the country amidst its ongoing war with Russia have topped the $30 million mark.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Featured image via Pixabay.

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