During the May turbulence, the Luna Foundation Guard sold over 80,000 bitcoins to support the UST stablecoin.
Glassnode analysts found that almost all of these coins were bought by whale wallets holding less than 100 BTC.
According to the researchers, LFG floated 80,081 BTC earlier this month. This decision was made after the UST stablecoin lost its peg to the dollar and collapsed below $1.
The amount of cryptocurrency held by small whales has increased by 80,724 BTC during the same time. Most likely, it was these addresses that bought bitcoins from the Luna Foundation Guard team.
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The research company Elliptic found out that the redistribution of the cryptocurrency began on the morning of May 9th. Then 22,189 coins were sent to the new address.
Later, LFG transferred another 52,189 bitcoins to the Gemini exchange, and 28,295 coins went to Binance.
In addition to Bitcoin, UST developers have previously acquired Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Avalanche (AVAX), and Terra (LUNA) to secure the asset. When the price of UST began to fall, LFG began to sell its reserves.
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As of May 16, the fund controlled 313 bitcoins, 39,914 BNB, 1,973,554 AVAX, 1.847 billion UST and 222,713 LUNA.