Meanwhile, the Chainalysis report indicated that Ukraine and Russia ranked sixth and seventh in the 2024 global crypto adoption index.
Ukraine made the most drive in the market’s activity in institutional and professional transfers. The country’s prominent activity came from large institutional transfers of over $10 million and mid-sized institutional transfers between $1 million and $10 million.
A leading CEX in Ukraine, WhiteBIT, acknowledged the positive overturn of crypto transactions.
WhiteBIT told Chainalysis: “Institutional and professional crypto transfers in Ukraine have surged as many seek financial stability amid the ongoing war, with cryptocurrencies viewed as a safer alternative.”
Also, WhiteBIt highlighted certain factors that fueled the spike in crypto adoption and transfers in the country. These include inflation, market volatility, war-related sanctions, and the increasing institutional attraction in Bitcoin ETFs from issuers like BlackRock.
Citing order book data, the Chainalysis report also noted that Bitcoin acquisition via the Ukraine hryvnia surged drastically over the past year, above $882 million. This trend reflects that Ukrainians have potentially adopted Bitcoin as a reliable store of value and inflation hedge.
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Publish date : 2024-11-03 21:32:00
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