Bitcoin Hodlers’ Accumulation Continues, Ruble-Denominated BTC Volumes Hitting 9-Month High

Bitcoin (BTC) hodlers remain unfazed despite the leading cryptocurrency recently hitting lows of $34,000 as they continue accumulating more coins.

Data analytic firm IntoTheBlock explained:

“BTC hodlers continue to accumulate. The balance held by hodlers – addresses holding >1 year, increased by 4.13% over the past 30 days. 11.78m BTC belongs to these addresses.”

Source: IntoTheBlock

Market analyst Dylan LeClair also acknowledged that hodlers were not relenting on their quest to have more coins. He stated:

“Only 15.5% of the Bitcoin circulating supply has moved in 2022 despite rising levels of macroeconomic uncertainty. Hodlers are completely unfazed. Quite astonishing when you think about it.”

Source: Glassnode

Furthermore, BTC accumulation addresses have been going parabolic.

Source: Glassnode

Meanwhile, Ruble-denominated Bitcoin volumes are skyrocketing, given that they reached a 9-month high.

Source: Kaiko

Bitcoin’s ruble volume topped $16 million on Thursday, its highest level in 2022. On Monday, the total was about $8.5 million.

The Russian invasion of Ukraine has sparked interest in cryptocurrencies. Both Ukrainians and Russians are running to crypto to shield their money, with the Russian ruble has already lost a third of its value this year.  

On the other hand, Bitcoin is forming a bullish engulfing candle weekly.

Source: TradingView

A bullish engulfing candle appears at the bottom of a downtrend and indicates a surge in buying pressure. The bullish engulfing pattern often triggers a reversal in trend as more buyers enter the market to drive prices up further.

Bitcoin was up 16.84% in the last seven days to hit $43,387 during intraday trading, according to CoinMarketCap.

Image source: Shutterstock