Major Institutions Sold $5.5 Billion Bitcoin Since May
As of May 10, up to 236,237 Bitcoin ($5.452 billion worth) have been sold by “major institutions” – primarily due to compulsive circumstances.
A Twitter thread from Arcane Research analyst Vetle Lunde details how and when many institutional Bitcoin holders start selling their digital assets. Lunde said that “it all started with Do Kwon.”
Luna Foundation Guard (LFG), the fund controller for the Terra project, dumped 80,081 BTC in a futile attempt to secure the peg of stablecoin TerraUSD (UST) in May.
Terra’s collapse appears to have left some Bitcoin miners facing selling pressure. Lunde estimates that miners sold 19,056 BTC between May and June. In some cases, miners sold more than their monthly production, potentially drawing from reserves.
Lunde noted that when miner sales peaked, Elon Musk’s Tesla hit the red button and sold 29,060 BTC by the end of Q2. At the same time, crypto investment firm Three Arrows Capital (3AC) is heavily leveraged and owes its lenders 18,193 BTC and the equivalent of 22,054 BTC.
Lunde also added that a massive sell-off of 24,510 BTC occurred at the Bitcoin Purpose ETF at the end of June, “creating further selling pressure in the market.” The liquidation amount accounted for 51% of the ETF shares then.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
Bitcoin
Major Institutions Sold $5.5 Billion Bitcoin Since May
As of May 10, up to 236,237 Bitcoin ($5.452 billion worth) have been sold by “major institutions” – primarily due to compulsive circumstances.
A Twitter thread from Arcane Research analyst Vetle Lunde details how and when many institutional Bitcoin holders start selling their digital assets. Lunde said that “it all started with Do Kwon.”
Luna Foundation Guard (LFG), the fund controller for the Terra project, dumped 80,081 BTC in a futile attempt to secure the peg of stablecoin TerraUSD (UST) in May.
Terra’s collapse appears to have left some Bitcoin miners facing selling pressure. Lunde estimates that miners sold 19,056 BTC between May and June. In some cases, miners sold more than their monthly production, potentially drawing from reserves.
Lunde noted that when miner sales peaked, Elon Musk’s Tesla hit the red button and sold 29,060 BTC by the end of Q2. At the same time, crypto investment firm Three Arrows Capital (3AC) is heavily leveraged and owes its lenders 18,193 BTC and the equivalent of 22,054 BTC.
Lunde also added that a massive sell-off of 24,510 BTC occurred at the Bitcoin Purpose ETF at the end of June, “creating further selling pressure in the market.” The liquidation amount accounted for 51% of the ETF shares then.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
