The number of Bitcoin (BTC) accumulation addresses is currently at a new all-time high. On-chain data suggests that BTC investors are remaining bullish for the foreseeable future. Interestingly, the positive Bitcoin update is coming despite the ongoing conflict in Eastern Europe following Russia’s invasion of Ukraine.
According to Glassnode, the number of Bitcoin accumulation addresses is just shy of 570,000. This puts BTC addresses in the parabolic territory and exceeds the previous record high of 550,000 addresses set in January.
BTC’s increase in accumulation addresses follows escalating on-chain activities somewhat boosted by the war in Eastern Europe. This is because the prominent digital currency has become one of the few ways that the besieged citizens of Ukraine can transact. Currently, the Ukrainian government’s martial law limits the usage of traditional payment platforms, forcing people to turn to crypto. So paramount is this crypto trend that Glassnode also stated that the number of addresses holding over 0.1 BTC recently topped 3.3 million. Furthermore, this figure represents a new all-time high.
BTC initially plunged to a low of $34,500 last week, beginning shortly after Russian troops invaded Ukraine and leveled several cities. Many of these hot spots included the country’s capital city of Kiev, which came under bombardment from heavy artillery. Furthermore, the Russian invaders also captured the Chernobyl nuclear power plant site barely 36 hours after the initial invasion.
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