Analyst Vetle Lunde noted that collectively, organizations sold off 236 237 BTC

Arcane Research: large companies sold more than $5 billion worth of bitcoins since the start of May

22.07.2022 - 16:45

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2 min

What’s new? Arcane Research analyst Vetle Lunde noted that major organizations have sold off 236 237 bitcoins since May 10. The sale amounted to $5,5 billion at the current exchange rate. On July 22, at 15:10 UTC, BTC is trading at $23 608, having gained 4,78% during the day, according to Binance. The analyst shared the information on Twitter.

What else does Lunde say? According to the expert, “it all started with Do Kwon.” Lunde believes that the collapse of the Terra ecosystem he founded led to a massive crisis in the cryptocurrency market. In the chart, the analyst noted that the liquidation of TerraUSD's (UST) stablecoin security in bitcoins by the Luna Foundation Guard (LFG) was the largest — 80 393 BTC were sold. The other day, US electric car manufacturer Tesla also sold 29 060 BTC. The Canadian exchange fund Purpose BTC sold 24 510 bitcoins.

The co-founders of bankrupt cryptocurrency hedge fund Three Arrows Capital also noted that the bitcoin selloff by LFG to maintain UST parity with the US dollar caused many digital assets to plummet.

What is known about Arcane Research? It is a subsidiary of Arcane Crypto, a Norwegian investment company that conducts analysis and research on cryptocurrencies, digital assets and blockchain.

It was previously reported that public mining companies sold 14 600 bitcoins in June, representing 23% of their total reserves and about 400% of all cryptocurrency mined in a month. According to Arcane Research analyst Jason Mallory, previously, from January through April, miners sold an average of only 20-40% of the coins mined.

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