Since the official announcement of the Russia-Ukraine war, the total number of large Bitcoin addresses has jumped significantly. BTC addresses holding between 1,000 and 10,000 Bitcoin have increased the accumulation of the world’s most dominant digital asset in the last 4 weeks.
As a result, the overall count of large Bitcoin addresses jumped by more than 8.3% in 1 month. According to Santiment’s data, 2,203 addresses are now holding at least 1,000 BTC, which is the highest level in 12 months.
“The number of Bitcoin addresses holding 1k to 10k BTC has jumped by 8.3% since the Russia-Ukraine war was made official. The 2,203 addresses are at a 1-yr high. Both this tier & the 100 to 1k BTC tier have historically foreshadowed price moves,” Santiment noted.
The accumulation from large BTC addresses is nothing new. During previous market corrections of 2017 and 2020, Bitcoin whales gathered the digital asset in large amounts. In the first 7 months of 2021, long-term BTC bulls added nearly 2 million coins to their holdings.
Crypto Whales
Apart from Bitcoin, long-term holders of other digital assets are increasing their crypto portfolio with large accumulations. According to the recent data by Santiment, 336 XRP addresses are holding at least 10 million coins. Amid a jump in whale accumulation, the overall count of big crypto transactions has also surged in the past few days.
“Cardano has jumped +10% recently, & this is a long time coming for patient holders. Now +26% in the past week, whale transactions are something to keep an eye on. Aave has enjoyed another +12% surge with an impressive +48% return in 9 days. The number of whale moves will play a large part in whether the rally can continue. 7 $1M+ transactions were made today, indicating an early sign of potential profit-taking,” Santiment added.
