Bitcoin Whale Accumulation Reaches One-Year High On The Back Of Russia's Invasion Of Ukraine

Bitcoin BTC/USD whales have ramped up their accumulation ever since Russia invaded Ukraine, in a strong bullish sign.

What Happened: Blockchain data analysis firm Santiment pointed out in a tweet that the number of Bitcoin addresses with a balance between 1,000 BTC and 10,000 BTC — between $44.2 million and $440.2 million — increased by 8.3% since the official start of the Russia-Ukraine war.

The company said there are 2,203 addresses in this category, which is a one-year high.

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Santiment points out that "both this tier & the 100 to 1k $BTC tier have historically foreshadowed price moves" — hinting that this data point implies a high probability of a positive price movement in the near future. This idea is even further cemented by Bitcoin recently seeing the largest outflow since January with as many as over 15,000 BTC leaving cryptocurrency exchanges in one single day.

BTC Price Action: At press time, Bitcoin is trading at just under $44,600 after seeing its price rise by 1.4% over the last 24 hours according to data from Benzinga Pro.