Bitcoin’s “real” daily volume has surged to levels not seen in three months amid the Russian invasion of Ukraine.

Accordingly report According to the latest report from blockchain analysis firm Arcane Research, Bitcoin’s daily real trading volume surged to over $10 billion last Thursday (February 24, the first day Russia landed in Ukraine), marking the highest real daily trading volume Trading volume since December 4th.

Arcane Research cited “new crypto stories” that have come to the fore during the ongoing crisis, such as crypto fundraising in Ukraine, along with growing demand for blockchain-related assets strictest capital controls in decades”.

Heavy selling pressure from risk-averse investors on Feb. 24 may also have contributed to Bitcoin’s daily trading volume surge as the price fell 10% on the day.

The term “real volume” refers to data obtained from exchanges deemed reputable, not wash trading. In this case, Arcane Research pulled data from Bitwise 10 exchanges (including Coinbase, Kraken, Poloniex and Binance) along with LMAX and FTX.

Real bitcoin transaction volume | Source: Arcane Research

Crypto data aggregators like Coingecko, which collects data from more than 500 exchanges, have estimated Bitcoin’s trading volume to be around $25 billion as of Feb. 24. Messari’s chart of real Bitcoin trade volumes (including some additional exchanges) paints a similar picture as Arcane, which saw a surge to around $11.6 billion last Thursday.

Since Feb. 24, daily real bitcoin trading volume has dropped to around $7.5 billion.

Arcane Research also highlighted that on Feb. 28, BTC price posted its biggest one-day gain of 14.5% in over a year, partly due to crypto adoption in Russia and Ukraine (although despite the relatively low real transaction volume) in Linked to rising speculation about crypto usage cases amid the current war:

“Investors are speculating that cryptocurrencies will increasingly look like apolitical and trustworthy money at a time of heightened geopolitical uncertainty, conflict and capital controls. This speculation may have contributed to the 15% surge in bitcoin price over the past seven days.”

Cryptocurrencies in Ukraine and Russia

With financial services and markets severely disrupted in both Russia and Ukraine, this has impacted the use of cryptocurrencies.

Arcane Research points to data from last month showing a significant increase in cryptocurrency purchases by Ukrainian citizens.

Around the time Russia began attacking Ukraine on Feb. 24, daily stablecoin Tether (USDT) purchases on Binance via Ukrainian Hryvnia (UAH) had surged from around $2.5 million to as high as 2, Up $5 million, around $8.5 million on Feb 25 The BTC/UAH chart shows a similar development, going from around $1 million to $3 million during this period.

Amount of cryptocurrencies bought in UAH daily frame | Source: Arcane Research

A similar phenomenon occurred in Russia, where ruble-based USDT purchases surged from around $15 million on Feb. 21 to a peak of $34.94 million on Feb. 28. Daily bitcoin purchases also surged from less than $5 million to as high as $15 million on Feb. 25 before falling back to around $12 million today.

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According to Cointelegraph

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