According to data tracker Santiment Feed, Bitcoin millionaire addresses have been rising amid the ongoing war in the past two months. The rise is majorly attributed to Bitcoin’s resilient nature.
Bitcoin Millionaire Addresses Increase
Today, Santiment Feed tweeted that the number of millionaire bitcoin addresses has been steadily increasing for the past two months.
Santiment’s tweet stated:
“The number of #Bitcoin addresses has been increasing since the #RussianUkrainianWar began. Since then, there are 1,629 shark and whale addresses holding between 10 to 100k that are either new or have returned to this millionaire (or above) status.”
Millionaire bitcoin addresses hold between 10k and 100k BTC based on Santiment’s analysis. The report also indicates that this continuous millionaire surge began towards the end of February when Russia-Ukraine tussle started.
At that time, there were about 145k BTC millionaire wallets. But, as of April 28th, the BTC supply distribution rose by about 1629 sharks and whales.
BTC Resilience Amid War and Other Negative Events
It appears that the 2-month-old Ukraine Russia war is impacting BTC distribution. Before the war, there were investor fears about how BTC will perform. But, at the moment, it appears that this war has contributed to Bitcoin adoption.
Soon after the war started, many nations announced sanctions against Russia to hinder their daily business and discourage invasion. But, many investors ran to crypto to safeguard assets. There were reports that Russians use Bitcoin and crypto to evade sanctions set.
Some who previously owned bitcoin began to buy back, while also new millionaires joined in. Sentiment’s insight indicated that while some of these wallets are entirely new BTC millionaires, some are former whales and sharks. These old and new whales know BTC’s resilience amid negative events.
Since the war began, the BTC price actions have genuinely shown how resilient the coin is. When the war started, BTC was trading at about $34k. However, it surged to nearly $48 in the weeks that followed. Currently, BTC is trading at about $39k. As its stands, BTC is not quite bullish, but its price actions remain uncertain.
Other recent events have also proven BTC’s resilience. A few weeks ago, the Feds raised interest rates on a mission to reduce inflation. While some expert financial analysts predicted that Bitcoin and crypto assets would suffer, BTC maintained a positive trend. Also, the current regulatory environment around BTC is quite unfriendly, but the coin is still surviving.
The increase in whale addresses and slightly bullish prices amid war and other negative activities is evidence of BTC’s resilience.
Positive Developments Around Bitcoin
Recently, there have been other positive developments surrounding BTC. For instance, the Central African Republic made bitcoin an official currency just yesterday. Moreover, the Cuban Central bank also announced that BTC is officially a legal tender in the country. Over the past few months, the institutional and governmental adoption of Bitcoin has been rising since the El Salvador case.