The Luna Foundation Guard sold more than 80,000 Bitcoins to support the stablecoin UST during the May turbulence. According to Glassnode analysts, almost all of these coins were bought by whale wallets holding less than 100 BTC.
According to the researchers, the LFG floated 80,081 BTC earlier this month after the stablecoin UST lost its peg to the dollar and collapsed below the $1 mark.
The amount of cryptocurrency held by small whales increased by 80,724 BTC during the same time. It was probably these addresses which bought Bitcoins from the Luna Foundation Guard team.
According to research firm Elliptic, the redistribution of the crypto started on the morning of May 9, when 22,189 coins were sent to the new address.