The network data provider Glassnode’s Twitter account says that all of the bitcoins sold by Luna Foundation Guard around May 9 have settled into the wallets of organizations that previously had less than 100 bitcoins.
In early May, Luna Foundation Guard got rid of a total of 80,081 bitcoins purchased at $33,000, even though they bought it at $47,000 per coin. In total, LFG sold the world’s flagship cryptocurrency for $1.5 billion.
This was announced as a loan to market makers to support the dollar peg of the UST Stablecoin. Founder and CEO Do Kwon then tweeted that the proceeds would be used to restore UST’s lost balance sheet. He promised to buy bitcoins if there was excess demand.
This measure didn’t work, and UST lost its peg to the U.S. dollar, falling below $1, and LUNA dropped more than two weeks ago from $119 to $0.00001675. This event caused a serious drop in the cryptocurrency market, causing the price of bitcoin, etherium and other altcoins to plummet.
A recent hardfork turned the old version of Luna into Luna Classic, which still trades at $0.0001527.
According to a recent report by analytics company Glassnode, organizations that used to hold less than 100 bitcoins quickly bought back all 80,081 bitcoins put on the cryptocurrency market by the Luna Foundation Guard.
The combined balances of these wallets have now increased to 80,724 BTC. The tweet states that the bitcoins sold by Luna were bought by more than 100 addresses.