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Ruble-Denominated Bitcoin Volume Surges to 9-Month High
The increase comes as the West's sanctions on Russia trigger a flight from the ruble.
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Trading volumes between the Russian ruble and bitcoin increased to a nine-month high as the country's fiat currency plunged to record lows due to the fallout from the invasion of Ukraine.
Data tracked by Kaiko, a Paris-based cryptocurrency research provider, shows that ruble (RUB)-denominated bitcoin volume surged to nearly 1.5 billion RUB on Thursday, hitting its highest level since May.
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"The activity was concentrated on Binance," Kaiko research analyst Clara Medalie told CoinDesk in an email. "Bitcoin-Ukrainian hryvnia volume has also spiked, but not as high as October levels. BTC-UAH only trades on 2 exchanges – Binance and LocalBitcoin."
Similar trends were observed in tether-ruble and tether-hryvnia trading volumes, Medalie added. Tether , the world's largest stablecoin by market value, offers price stability in the often volatile world of cryptocurrencies by maintaining a 1:1 peg with the U.S. dollar.
Kaiko data shows USDT/RUB trading volume also rose to an eight-month high of 1.3 billion RUB on Thursday.
The spike in the ruble-based crypto trading volumes came as investors scrambled to move out of the ruble, fearing stricter sanctions from the West.
The Russian currency plunged over 8% to 90 per U.S. dollar last week and extended the slide by another 28% early today, reaching a record low of 118 per dollar, according to Bloomberg data. Gold, U.S. Treasurys, the U.S. dollar and the Swiss franc have been the beneficiaries of the flight to safety.
Over the weekend, the U.S. and its allies stepped up punitive measures against Russia, intending to stop its banks from accessing SWIFT, the messaging network underpinning global financial transactions. The European Union banned all transactions with the Russian central bank in a bid to prevent it from selling overseas assets to support its banks.
Early Monday, Russian President Vladimir Putin ordered the country's nuclear deterrence force to be on high alert. According to reports, the Russian central bank has asked brokers to ban nonresident investors from selling securities.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
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- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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