With the price of Bitcoin rising steadily over the past few days and briefly climbing above $45,000, BTC accumulation has also increased significantly.
According to the information obtained, the Bitcoin accumulation in question started in late February. The information was published by expert internet entrepreneur Lex Moskovski, citing data from on-chain data provider Glassnode.
#Bitcoin accumulation addresses going parabolic. pic.twitter.com/V8aIpyNPFB
— Lex Moskovski 🐙 (@mskvsk) March 1, 2022
The Glassnode chart presented by Moskovski shows that the number of savings wallets has reached an all-time high. Savings wallet refers to Bitcoin wallets that have been active recently but have never spent any BTC. According to Glassnode, such wallets have at least two incoming transactions, have never spent their BTC, and have been active for the past seven years.
However, Glassnode reported in a retweet and updated information a day later that the increase was due to a large WBTC clerk creating new addresses and moving reserves to those addresses, as opposed to the backlog of whales traditionally considered a big buy signal.
The uptick in addresses holding more than 1,000 BTC is a result of the WBTC custodian moving reserves into a bunch of newly created addresses.
Note “whale accumulation”.#Bitcoin pic.twitter.com/dTil8wtIwU
— Rafael Schultze-Kraft (@n3ocortex) March 1, 2022
Bitcoin – a tool against geopolitical barriers?
Whale accumulation or not, Bitcoin has started an upward move after the brief drop on February 24 caused by the news of Russia’s invasion of Ukraine. However, most cryptocurrencies have rebounded, aided by increased interest in alternative financial systems.
One of the reasons for the recent surge is the state of crypto assets in the face of dramatic geopolitical changes. As Bitcoin donations continue to flow from all over the world, breaking through traditional barriers, they have proven incredibly important, especially for the war-affected Ukrainian people.
However, Bitcoin could also be beneficial for Russia, as Russia’s national currency collapsed following Western sanctions against the country’s central bank. In light of developments, there are also members of the crypto community who believe that BTC can help Russia circumvent sanctions and inflation, among other disadvantages.
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.