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Why A $231M Bitcoin Buy Could Be On The Horizon

Published 06/04/2022, 09:45
Updated 06/04/2022, 10:40
© Reuters. Why A $231M Bitcoin Buy Could Be On The Horizon

On-chain data suggests that Terra (CRYPTO: LUNA) could be gearing up for another massive Bitcoin (CRYPTO: BTC) purchase.

What Happened: According to Etherscan data shared by Larry Cermak on Twitter (NYSE:TWTR), the Luna Foundation Guard (LFG) sent $231 million worth of Tether (CRYPTO: USDT) to crypto exchange Binance on Wednesday.

The same address purchased $125 million worth of Bitcoin last week, laying the groundwork for Terra’s long-term plan to acquire $10 billion BTC for its reserves.

Cermak, VP of Research at The Block, estimated that there is around $610 million left in the Ethereum (CRYPTO: ETH) wallet which is likely being managed by Jump Trading.

Meanwhile, the Bitcoin wallet associated with LFG holds more than 33,000 BTC worth around $1.5 billion.

The last Bitcoin buy fuelled a 10% single-day rally for LUNA, sending it to a new all-time high ahead of $105 on March 29.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $45,480, down 2.5% in the last 24 hours. LUNA was trading at $117, gaining 1.61% over the same period.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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