Is Luna Foundation Guard sneaking towards another Bitcoin buy?

Saif Naqvi
Source: Pixabay

Since becoming one of the largest commercial Bitcoin holders in the world, many look at Luna Foundation Guard’s activity to gauge long-term sentiment across significant holders. Well, investors could have another cue soon, with LFG wallet transferring another $125 Million, with many expecting it to be for another Bitcoin buy.

Blockchain data tracker Etherscan showed that the Luna Foundation Guard Reserve Wallet bought $125 Million worth of funds in USDC from anonymous addresses less than a day ago and several members of the community immediately took notice.

CNBC crypto host Ran NeuNer highlighted the transfer and mulled whether the current market had presented another opportunity for LFG to increase its BTC bag.

LFG shares a history with BTC corrections

While no formal announcement was made by the Lunda Foundation Guard or Terra’s founder Do Kwon, speculations surfaced as LFG was known to make investments during market dips.

The first few Bitcoin purchases were placed between 22-25 March, with the LFG purchasing $125 Million worth of BTC each day. During the time, its price was trading close to $40K following a minor retracement from $42K.

The next most significant Bitcoin buy came during 6-7 April, when its price had slid by 6% and headed towards $43K. The discounted price coincided with a $273 Million Bitcoin buy.

Finally, LFG added another 2,623 Bitcoins between 13-15 April, soon after the premiere digital asset suffered its biggest correction for the month on 11 April.

Is bitcoin price attractive for another LFG buy?

Source: TradingView

Well, looking at Bitcoin’s current price, another BTC buy was not outside the realms of possibility. The market suffered a major setback on Tuesday after a 5% decline squashed hopes of a $42K Bitcoin. Its current level around $39,500 was similar to the discounted price LFG has eyed with its Bitcoin play.

In March, Terra founder Do Kwon made headlines after announcing that the Luna Foundation Guard, a non-profit organization backing the Terra blockchain, plans on buying 10 Billion worth of Bitcoins to back its native stablecoin reserves.