11 Apr 2022

Luna’s BTC reserves reach 39,898 BTC

More than 50% of the stablecoin supply has now been spent, and LFG’s purchases have become less frequent
Source: Blockchair, DeBank
Luna Foundation Guard has now built BTC reserves of 39,898 BTC, but the foundation has initiated a more conservative buying frequency since we last reported on its reserves strategy.During the first ten days of LFG’s BTC purchases, the foundation amassed 21,000 BTC after purchasing BTC at daily intervals employing more than 100m USDT daily.These purchases coincided with BTC’s strong push towards $48,000 and were likely the key component to BTC’s strong late March period.Following March 31st, the foundations purchasing spree has been far less frequent, and BTC has again resumed trading in the lower $40,000s. Since April, the foundation has purchased BTC on two occasions, on April 6th and April 10th.The less frequent LFG purchases have contributed to reducing the overall buying pressure in the market. The+ $100m worth of purchases at daily intervals represented a substantial demand shock. This more conservative approach allows the foundation to acquire BTC at lower prices.LFG has approximately $1.2bn worth of stables left to use to acquire BTC, representing 48% of the total stablecoin reserves set aside to purchase BTC. Once these stablecoins are spent, the foundation's reserves will likely reach 65,000-70,000 BTC, given the current market conditions.
Share this article