There has been a significant increase in the number of huge Bitcoin addresses.
The number of bitcoin addresses with balances greater than 1,000 BTC ($43.63 million) climbed by more than 6% on Monday, February 28, hitting 2,226. The number has not reached this level since March 2021, according to statistics from the Glass node.
The number of bitcoin addresses having a balance of more than 100 BTC climbed by 1.3 percent on the same day, to 15,929.
It’s unclear what’s driving the increase in the number of bitcoin whales. Julian Hosp, the CEO of Cake DeFi, speculated that the event could reflect a sudden interest in cryptocurrency from a group of wealthy individuals.
“Wow! Approximately 150 new #bitcoin addresses with more than 1,000 BTC on them. This might be a rebalancing of exchanges or custodial services (non-event), or a group of people with deep funds suddenly becoming interested in #bitcoin (major event!). “Will it be one of them?”
Other users have speculated that the quick increase in the number of bitcoin whales is due to Russian elites’ attempts to withdraw their assets in order to avoid sanctions.
Previously, the US, EU, UK, and Canada stated their intention to cut some Russian banks from SWIFT, as well as limit the Bank of Russia’s capacity to conduct operations to maintain the ruble. The measures are intended to cut the Russian Federation off from international financial systems.
Russian President Vladimir Putin approved a law limiting foreign currency withdrawals beginning March 1.
The administration of US President Joe Biden has requested cryptocurrency exchanges to assist in preventing Russian individuals and organizations from using digital currencies to bypass sanctions.