Bitcoin (BTC) fell below $35,000 after Russia invaded Ukraine on Thursday. But since then, the cryptocurrency has risen significantly and is currently trading around $39,000.
According to data from behavioral analytics platform Santiment, during this time Bitcoin “whales” traded a tremendous amount as prices bottomed out. As a result, the number of transactions over $100,000 and $1 million on the platform hit a one-month high. Interestingly, Bitcoin whale transactions last peaked on Jan. 24, when prices were about to bottom before rising once again.
“The whales made some BIG trades as bitcoin prices dropped to $34.7k on Thursday’s news of the war. This was the highest value of both $100,000 and over $1 million in BTC transactions since January 24, when prices rose 15% the following week.”
Why are Bitcoin whale transactions remarkable?
It is a fact that Bitcoin has started to recover after the announcement of sanctions against Russia by US President Joe Biden. Some market experts also suggest that the digital asset may have bottomed out, with leading players taking the plunge as a buying opportunity.
Bloomberg senior commodity strategist Mike McGlone described the drop as a “turning point” for the digital asset.
“I don’t think Bitcoin will go below $30,000. There is also solid resistance at $40,000. For long-term thinkers, I think there is an important opportunity in Bitcoin. I think in the upcoming period, when we look back, we will see this as a turning point.”
Also, Celsius Network CEO Alex Mashinsky said that the ongoing conflict between Russia and Ukraine has acted as a catalyst that has helped Bitcoin establish a critical support level at $30,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.