Large institutions sold $5.5B in BTC since May — and we're still here

cointelegraph.com:

Since May 10, as much as 236,237 Bitcoin (worth $5.452 billion) has been sold by “large institutions” — mostly as a result of forced selling. 

A Twitter thread from Arcane Research analyst Vetle Lunde details how and when many institutional Bitcoin holders began selling their stacks. Lunde stated that “it all started with Do Kwon.”

The Luna Foundation Guard (LFG), which controlled funds for the Terra project, dumped 80,081 BTC in a failed effort to protect the peg of its native Terra USD (UST) stablecoin in May.

Terra’s collapse appears to have made some Bitcoin (BTC) miners face sell pressure. Lunde estimates that miners sold 19,056 coins between May and June. In some cases, miners were selling more than their monthly production, likely drawing from reserves.

The Luna Foundation Guard (LFG), which controlled funds for the Terra project, dumped 80,081 BTC in a failed effort to protect the peg of its native Terra USD (UST) stablecoin in May.

Terra’s collapse appears to have put pressure on some Bitcoin miners to sell. Lunde estimates that miners sold 19,056 coins between May and June. In some cases, miners were selling more than their monthly production, likely drawing from reserves.

Lunde noted that as miner selling peaked, Elon Musk’s Tesla also hit the red button and sold 29,060 BTC by the end of Q2. At the same time, the Three Arrows Capital (3AC) crypto investment firm was over-leveraged and owed lenders 18,193 BTC and coins equivalent to 22,054 BTC.

Lunde also added that a massive 24,510 BTC redemption took place at the Canadian Purpose Bitcoin exchange-traded fund (ETF) in late June, “creating further fire sale pressure in the market.” That redemption accounted for 51% of that ETF’s holdings.

Despite the crypto markets