44% of the original stablecoin reserves on LFG’s wallet intended for building the BTC reserves has been deployed in the last eight days. The fund now holds $988m worth of stablecoins, with a potential further $800m to be raised by converting UST to USDT.If LFG continues to buy at a similar rate as last week and the $800m is not converted, LFG will finalize building the BTC reserve on April 6th. Assuming a stable BTC price of $47,000 until April 6th, LFG will have 48,800 BTC in its reserve once finished. If LFG also spend its $800m UST reserves on BTC, this process will be finalized around April 14th, with a further *~17,000 BTC being added to the reserve, leading the reserves to reach 65,000 BTC, assuming LFG continues buying at a rate similar to last week. This massive BTC accumulation is likely contributing to lifting the market and should be monitored closely once it nears its end. Pay attention to the ETH address and BTC reserve address. As of Tuesday March 29th, 14:30, there has been no activity in the LFG wallets on March 29th. This might suggest that LFG is not maintaining its buying routine from week one, which might be caused by LFG awaiting more attractive entries in bitcoin.
Source: DeBank, Bitaps