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Bitcoin Whale Count Jumps Nearly 5% as Western Nations Stepped up Sanctions on Russia

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The number of blockchain wallet addresses, holding more than 1,000 BTC valued at $43M, rose on Monday as Western nations intensified sanctions on Russia’s government and elite.

Source: The Block

BTC USD up +1.74%

The figure, which is tracked by analytics site Coin Metrics, increased by nearly 5% to a total of 2,226 on February 28.

The number of addresses with over 100 bitcoin stored also rose, with a 1.3% increase taking the total to 15,953.

The Block Research’s own data also signaled a small but sharp increase in the number of addresses with bitcoin balances valued at more than $1,000, $10,000, $100,000, $1 million, and $10 million.

In a tweet, Julian Hosp, CEO of Cake DeFi, stated the spike in Bitcoin whales might be a sign that a group of people with deep pockets have strong interests to get into bitcoin or might be a rebalancing of exchanges or custodial services.

Other Twitter users have argued that it might be an influx of money from Russian elites concerned about the impact of sanctions on their fortunes.

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