{"id":476565,"date":"2022-07-22T05:44:01","date_gmt":"2022-07-22T02:44:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/large-institutions-sold-5-5b-in-btc-since-may-and-were-still-here\/"},"modified":"2022-07-22T05:44:01","modified_gmt":"2022-07-22T02:44:01","slug":"large-institutions-sold-5-5b-in-btc-since-may-and-were-still-here","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/large-institutions-sold-5-5b-in-btc-since-may-and-were-still-here\/","title":{"rendered":"# Large institutions sold $5.5B in BTC since May \u2014 and we&#8217;re still here"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dcb5ed8c2a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dcb5ed8c2a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/large-institutions-sold-5-5b-in-btc-since-may-and-were-still-here\/#%E2%80%9D_Large_institutions_sold_55B_in_BTC_since_May_%E2%80%94_and_were_still_here_%E2%80%9C\" >&#8221; Large institutions sold $5.5B in BTC since May \u2014 and we&#8217;re still here &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/large-institutions-sold-5-5b-in-btc-since-may-and-were-still-here\/#BTC_market_growth\" >BTC market growth<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Large_institutions_sold_55B_in_BTC_since_May_%E2%80%94_and_were_still_here_%E2%80%9C\"><\/span>&#8221; Large institutions sold $5.5B in BTC since May \u2014 and we&#8217;re still here &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Since May 10, as much as 236,237 Bitcoin (worth $5.452 billion) has been sold by \u201clarge institutions\u201d \u2014 mostly as a result of forced selling.\u00a0<\/p>\n<p>A <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VetleLunde\/status\/1550087295545532417\">thread<\/a> from Arcane Research analyst Vetle Lunde details how and when many institutional Bitcoin holders began selling their stacks. Lunde stated that \u201cit all started with Do Kwon.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/6c780a28-5181-42bb-8096-6a4e8187da1e.png\"><\/figure>\n<p>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.<\/p>\n<p>Terra\u2019s collapse <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears 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.<\/p>\n<p>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.<\/p>\n<p>Terra\u2019s 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. <\/p>\n<p>Lunde noted that as miner selling peaked, Elon Musk\u2019s 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. <\/p>\n<p>Lunde also added that a\u00a0massive 24,510 BTC redemption took place at the Canadian Purpose Bitcoin exchange-traded fund (ETF) in late June, \u201ccreating further fire sale pressure in the market.\u201d That redemption accounted for 51% of that ETF\u2019s holdings.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BTC_market_growth\"><\/span>BTC market growth<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Despite the crypto markets seeing tremendous sell pressure from institutions in recent months, the Bitcoin market remains remarkably resilient.\u00a0<\/p>\n<p>Trading volumes have also remained higher through the 2022 market downturn compared to the peak of the 2017 bull market. On December 17, 2017, Bitcoin daily trading volume reached a cycle peak of $12 billion, while daily volume in July 2022 has been above $20 billion <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">according<\/a> to CoinGecko.<\/p>\n<p>CEO of Singapore-based market maker Presto Labs Yongjin Kim agreed with Lunde that liquidations from 3AC and others caused the significant price drop in June, but believes the BTC price will return to $30,000 within the next few months. <\/p>\n<p>He told Cointelegraph on July 21 that \u201cthose liquidations pushed Bitcoin price below the fundamental equilibrium price,\u201d leading him to believe that prices will return \u201cto $30,000 in the next few months.\u201d <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BTC price battles 200-week moving average after $930M Tesla Bitcoin sale<\/em><\/strong><\/p>\n<p>Kim added that it will take time for retail investors to regain their confidence in crypto after what they endured over the past few months and that institutional investments will rise again.<\/p>\n<blockquote><p>\u201cI think the retail sentiment is completely broken, so it will take some time before we restore confidence in the market. But there will be some reversal by the end of this year counteracting the liquidations.\u201d<\/p><\/blockquote>\n<p>Lunde concluded his thread by stating:<\/p>\n<blockquote><p>\u201cI tend to lean in favor of forced selling and contagion-related uncertainty being done for now. We will likely slump, pump, and dump in choppy conditions in the coming period.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/large-institutions-sold-5-5b-in-btc-since-may-and-we-re-still-here\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Large institutions sold $5.5B in BTC since May \u2014 and we&#8217;re still here &#8220; Since May 10, as much as 236,237 Bitcoin (worth $5.452 billion) has been sold by \u201clarge institutions\u201d \u2014 mostly as a result of forced selling.\u00a0 A Twitter thread from Arcane Research analyst Vetle Lunde details how and when many institutional&#8230;<\/p>\n","protected":false},"author":1,"featured_media":476566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvZmU2MWM4NTktMzg1MS00MGFlLTg4NDQtMzFjZmY0MjQ2OWY5LmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,110413,74937,74939,73711],"class_list":["post-476565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-industry","tag-bitcoin-price","tag-market-analysis","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=476565"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/476566"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=476565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=476565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=476565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}