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Number of bitcoin whales spikes as sanctions on Russia bite

2022/03/01 07:52

According to The Block, the number of blockchain wallet addresses with hordes of more than 1,000 bitcoin — around $43 million — surged on Monday as Western nations stepped up sanctions on Russia's government and wealthy elite. The figure increased by 7% to a total of 2,226 on February 28, according to data tracked by analytics site Coin Metrics. The number of addresses with more than 100 bitcoin stored has also risen, albeit more modestly, with a 1.3% bump taking the total to 15,953, per Coin Metrics. It's not clear exactly what is behind the spike. Julian Hosp, CEO of Cake DeFi, tweeted it may be a sign that "a group of people with deep pockets suddenly have strong interests to get into bitcoin". Other Twitter users have speculated that an influx of money from wealthy Russians, concerned about the impact of sanctions on their fortunes, may be to blame.
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