Bitcoin’s Price Drops Despite Whale Accumulation

Bitcoin is a global currency and is also considered an effective hedge against inflation. During the last few hours, the top coin has lost a few thousand once again. The latest bullish bump was added to the Bitcoin histogram due to a substantial increase in activity in Ukraine and Russia. Ever since the invasion of Ukraine, the reporters have been sharing the difficulties faced by the locals who are unable to withdraw any money from their banks.

During the war, the government wants to preserve their national reserves, and many media outlets have also labeled Ukraine as the poorest European nation. Furthermore, many civilians are planning to move to other countries and want to extract all or majority of their savings from their bank accounts. However, Bitcoin prices have not been able to remain stable for a long period despite the increased transaction volume.

Whale Investors have Become Active Once Again

Thus far, the year 2022 has proved anti-climactic for the top coin. However, the Russian and Ukraine clash has effectively sent the token once again into another exponential climb. During the last 24 hours, two whale accounts have moved a massive number of Bitcoins. According to the on-chain metrics aggregator Bitcoin Block bot, around 11K Bitcoins were moved in total.

The first transaction moved around $148 million worth of Bitcoin, while the latter moved around $333 million worth of Bitcoins. Both transactions took place within an hour of time-lapse from one another. Following the massive transactions, the top coin descended from $43k to $40k in less than 24 hours.

Santiment recently published a detailed historical behavior for the top coin and Tether token. Santiment’s report indicated that during the last month, both currencies have decreased in value. The report also claimed that contrary to popular beliefs, there was a visible decrease in the trading activity on all major cryptocurrency exchanges for both tokens.

It seems that Bitcoin whales are once again back in action. However, this time the association of big players in the Bitcoin network is seen as a positive development. Santiment reported that during the last few days, Bitcoin wallets holding $1 million or above reserves made around 13,400 transactions.

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