Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Data shared by IntoTheBlock shows that the BTC balance of a certain category of Bitcoin addresses has reached a new all-time high after Terra dumped its Bitcoin onto the market in early May.
250,000+ 80,000 BTC acquired by holders
According to the latest tweet by the on-chain data company, the BTC balance of addresses that have been holding Bitcoin for more than one year has reached a new historic peak; now, these wallets hold 12.73 million Bitcoin.
The IntoTheBlock team stated that since May 7, the owners of these wallets have acquired an astounding 250,000 Bitcoins. This acquisition began on approximately May 7, when Luna Foundation Guard (LFG), the organization behind Terra's LUNA coin and UST algorithmic stablecoin, began selling its Bitcoin stash or, rather, "lending to market makes."
LFG dumped around $1.5 billion worth of Bitcoin on the market in an attempt to support the peg of its UST stablecoin.
Strong conviction.$BTC HODLERS (addresses holding >1year) have increased their balance by 250,000 $BTC since the #Terra collapse started on May 7th.
— IntoTheBlock (@intotheblock) June 1, 2022
Existing addresses have been adding significantly to their balance in this sell-off, reaching a new all-time high of 12.73m $BTC pic.twitter.com/EokQNq7nQV
Alex DovbnyaA total of 250,000 Bitcoins are worth $7,955,425,000 at the current BTC/USD exchange rate of $31,812. As for the total BTC supply held by the aforementioned wallets, 12.73 million BTC, it is equal to $405,090,241,000,000.
Earlier, U.Today reported that a whopping 80,000 BTC had been bought by entities after it had been sold by Luna Foundation Guard on May 9.
Alex Dovbnya
Vladislav Sopov
Dan Burgin