Bitcoin ($BTC) whales appear to have been buying the cryptocurrency’s price drop after Russian President Vladimir Putin ordered a “special military operation” against Ukraine in what is now considered as a full-scale invasion of the country last Thursday.
Bitcoin whales made “some massive transactions” after BTC’s price crashed following Russia’s military advance over Ukraine, according to cryptocurrency analytics firm Santiment. BTC holders with between $100,000 and $1 million in their wallets quickly moved funds in response to the announcement.
BTC’s Price Plummeted
It’s unclear whether the whales were preparing to sell their coins or upgrading their security, among other options. BTC’s price plummeted shortly after the invasion was announced, but it has since quickly recovered to trade above $40,000, as previously reported.
In a televised speech late last week, President Putin warned the US and NATO against getting involved, saying that anyone who “tries to interfere with us, or even more so, to create threats for our country and our people, must know that Russia’s response will be immediate and will lead you to such consequences as you have never experienced in your history” must know that “Russia’s response will be immediate and will lead you to such consequences as you have never experienced in your history.”
Russia’s military action has been met with condemnation from world leaders, with various western nations imposing sanctions against Russia that have even included disconnecting some of its banks from the SWIFT network.
Santiment, as Daily Hodl reports, has also noted that BTC’s token circulation hit a 9-month high which reveals “just how polarized traders have become with the war,” as the spike in token circulation was similar to one seen in March 2020, when crypto asset prices crashed nearly 50%.
While the Ukrainian government initially refused to accept cryptocurrency donations, which were funneled to Come Back Alive, an NGO that supports the country’s military, as the war with Russia raged on, the government’s official Twitter account revealed it is now accepting Bitcoin ($BTC), Ethereum ($ETH), and $USDT donations.
Donations of cryptocurrency to the Ukrainian government and various non-governmental organizations to aid the country in its ongoing conflict with Russia have surpassed $30 million.