Crypto whales Display Unusual Behavior Amid Ongoing Russia Invasion in Ukraine.
Bitcoin And Ethereum Rebound As Whales Showed 5x More Trading Activity On War Day
Following the invasion of Ukraine by Russian forces, traders have portrayed unusual behavior in the buying and selling of cryptocurrencies.
Recall that the prices of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), among others dipped by a large margin in the early hours of yesterday, as most traders converted their crypto assets to stablecoins.
However, unusual behavior was spotted by Santiment Feed as several traders saw the decrease in price as an opportunity to increase their crypto holdings.
The resilience of high net worth investors pushed back the price of Bitcoin, alongside other digital currencies in the market, to higher levels.
Cryptocurrency Recent Price Movement
As of yesterday, the cryptocurrency market suffered over 10% losses following a nationwide broadcast by Russian president Vladimir Putin declaring war on Ukraine.
However, data on Coingecko showed that the market has recorded over 8% gain in the last 24 hours, as whale traders were observed buying the dip.
Despite calls made by many people to Russia, including Ethereum co-founder Vitalik Buterin, the country still chose to launch an invasion of Ukraine.
Moments after Russia’s declaration of war, Bitcoin’s (BTC) price slumped from around $39,000 to below $35,000 in less than two hours, which represents an over 10% dip.
In the same vein, Ethereum plummeted from around $2,700 to $2,300 at the time the pronouncement was made.
Similarly, other cryptocurrencies in the top spot suffered nothing less than a 10% dip as many traders took to safety, converting a majority of their crypto holdings to stablecoin.
According to Santiment Feed, whale investors’ dumping of cryptocurrency assets yesterday was five times more whale activity than a normal day.
“Isolated in the past day of key high-tier whale activity to look at the 1-day percent change within each assets’ 90-day range of whale holdings. This is about 5x more activity than a typical day,” Santiment tweeted.
? #Cryptocurrency #whales have had WILDLY different behavior since #war broke out. Isolated is the past day of key high-tier whale activity to look at the 1-day percent change within each assets' 90-day range of whale holdings. This is about 5x more activity than a typical day. pic.twitter.com/L9H35XMIoO
— Santiment (@santimentfeed) February 25, 2022
Fast forward a few hours later, another set of whale traders started taking advantage of the decreased prices to rack up their crypto holdings, thus boosting crypto prices.
At the time of writing this line, the world’s largest cryptocurrency Bitcoin is up over 11%, ETH is up more than 10%, while the other cryptocurrencies in the top ten rankings have surged at least 10% in the last 24 hours.
However, the surge in crypto prices does not imply that the market is now safe as there is a huge tendency of massive volatility in the coming days based on traders’ reaction to ongoing updates.