If it is true that the Luna Foundation Guard (LFG) really sold 80,000 bitcoin (BTC) to defend the terraUSD’s (UST) peg during its meltdown, it is likely that USD 25,000 to USD 27,000 is the bottom of this bitcoin market cycle, according to crypto essayist and former BitMEX CEO Arthur Hayes.
Writing in a blog article published on Thursday, Hayes said that, although proof that the LFG’s bitcoins were sold has not yet been produced, he has “no reason to doubt the veracity” of the disclosures the LFG has made.
He added that he, therefore, assumes the coins were indeed sold, calling it “quite a feat” to sell that amount of bitcoin in such a short time.
“After contemplating the nature in which these Bitcoins were sold, I am even more confident that the USD 25,000 — USD 27,000 zone for Bitcoin is this cycle’s bottom,” Hayes wrote.
The former BitMEX CEO continued by referring to a number of metrics that he said can serve as indicators for a crypto bottom. Among them, he pointed to...
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