Russian Crypto Investors Flee in BTC and USDT
Russian crypto investors are withdrawing assets in cryptocurrencies amid a strong depreciation of the national currency.
BTC and USDT volumes in trading pairs with the Russian ruble have increased to their highest levels since May 2021, CoinDesk reported, citing data from researchers at Kaiko. This is how crypto investors are fleeing the Russian ruble’s depreciation, which has devalued by nearly 10% since the start of the military operation in Ukraine.
On Thursday, February 24, about 1.5 billion RUB were withdrawn in BTC alone. On the same day, about 1.3 billion RUB were withdrawn in USDT. The main activity of crypto investors was focused on Binance.
Kaiko analysts note that Ukrainian investors also activated the withdrawal of funds in cryptocurrencies, but not on such a scale, and did not exceed the indicators of October 2021. In general, the situation clearly demonstrates the demand for cryptocurrencies as protective assets.