On 26 February, BTC touched the market cap of $750 billion for the first time since 19 February 2022 after the cryptocurrency breached the mark of $40,000. Last week saw an enormous rise in volatility across the crypto market as the leading digital currencies moved by more than 20% within a few days.
Bitcoin started the week at a price level of more than $40,00 but dropped to $34,000 after the news of the Russia Ukraine war. While investors remained jittery across global financial markets, the situation in the crypto market was even worse.
However, crypto whales defied all concerns on Friday and accelerated the accumulation and on-chain transfers of leading digital currencies. Yesterday, the transaction count of BTC whales reached its highest level in more than 4 weeks.
“As Bitcoin prices bottomed out at $34.7k with Thursday's war news, whales have made some massive transactions. This has been the largest amount of both $100k+ and $1m+ BTC transactions since Jan. 24th, when prices jumped +15% the week following,” Santiment noted.
Volatile 2022
Bitcoin, which was already suffering from one of the worst market corrections since December 2021, witnessed another major sell-off during the recent global economic issues. However, large holders of the world’s most valuable digital asset remained unshaken. In fact, some of the leading addresses have expanded their BTC portfolios and bought the recent dips.
“On-chain metrics suggest that long-term investors remain unphased. Data from Glassnode shows that short-term holders are supplying the market whilst long-term holders are accumulating. This is shown by ‘STH (short-term holder) Loss’ increasing, whilst ‘LTH (long-term holder) loss has been decreasing. Last Friday, the Canadian Purpose Bitcoin spot ETF saw the biggest inflow since February 2021, as almost 1.2k Bitcoin, was added in just one day. Their AUM is now at a new all-time-high of 32.26k Bitcoin,” Marcus Sotiriou, an Analyst at GlobalBlock, said.
