The LFG Bitcoin buying spree has halted in the last five days.
Blockchain data from Glassnode, a crypto data analytics platform, shows that Luna Foundation Guard (LFG), a nonprofit organization focusing on the Terra blockchain, has not added any Bitcoin (BTC) to its reserves in the last five days.
For the fifth day in a row, the #LUNA Foundation did NOT add to their #Bitcoin balance. #Crypto pic.twitter.com/HfDrwLccCQ
— Plan©️ (@TheRealPlanC) April 4, 2022
While it is not clear why LFG has not made any BTC purchases in the last five days, the foundation has added a massive amount of BTC within the past few weeks as it ventured into the business of Bitcoin accumulation.
LFG Bitcoin Buying Skyrockets
IN FEBRUARY, the LFG, which embarked on a Bitcoin purchase spree, has accumulated a whopping 30,727.97 BTC valued at $1.41 billion.
Recall that the cryptocurrency community was excited after The LUNA Foundation Guard (LFG) disclosed that it would purchase $10 billion worth of bitcoin (BTC) that will be used as a reserve for the terra USD (UST) stablecoin.
Since the announcement, LFG has kept its promise, occasionally adding the world’s largest cryptocurrency by market capitalization.
The nonprofit organization has embarked on several fundraising initiatives to source funds that will be used to accumulate more BTC.
At the moment, the LFG Bitcoin address holds 30,727 billion worth approximately $1.42 billion at press time.
More BTC Needs to be Purchased
With the nonprofit organization committed to buying $10 billion worth of Bitcoin to use as a reserve for the UST stablecoin, LFG still has many Bitcoin purchases to do, which are worth more than $8 billion.
At the current market price of $46,161, LFG still needs to accumulate at least 185,871 BTCs to complete its proposed $10 billion worth of BTC pledge.
As long as the funds are available, purchasing the cryptocurrency will not be a problem because the Bitcoin market completes at least $20 billion of BTC trading volume daily.
LFG Bitcoin Positioning
Terra (Luna) is currently taking the 3rd spot in bitcoin holding, behind Microstrategy and Tesla.
1. MicroStrategy – 125,051 BTC
2. Tesla – 43,200 BTC
3. Terra – 30,727 BTC
4. Marathon Digital – 8,133 BTC
5. Square – 8,027 BTC
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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