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The number of bitcoin whales is increasing as Russian sanctions hit
The number of blockchain wallet addresses holding more than 1,000 bitcoin — around $43 million — increased on Monday as Western countries tightened sanctions against Russia’s government and rich elite.
According to statistics recorded by analytics site Coin Metrics, the figure grew by 7% to a total of 2,226 on February 28. It hasn’t been this high since June 20, 2021.
According to Coin Metrics, the number of addresses with more than 100 bitcoin stored has also increased, albeit more slightly, with a 1.3 percent increase bringing the total to 15,953.
According to Block Research’s statistics, there has been a tiny but significant increase in the number of addresses with bitcoin balances worth more than $1,000, $10,000, $100,000, $1 million, and $10 million (see chart below). However, according to the statistics, the very biggest wallets are expanding at the quickest rate.
It is unclear what is behind the surge. Julian Hosp, CEO of Cake DeFi, tweeted that it may be due to a “rebalancing of exchanges or custodial services,” which he described as a non-event, or it could be due to “a group of people with large money suddenly having strong wants to go into bitcoin.”
Others on Twitter theorized that an infusion of money from affluent Russians anxious about the impact of sanctions on their fortunes may be to blame.
These sanctions, imposed after Russia invaded Ukraine on February 24, have already had a severe impact on the economy, with the rouble hitting record lows yesterday and locals fearing a bank run.
Meanwhile, the price of bitcoin increased by 15% overnight, momentarily exceeding $44,000.
