[Key interpretation] Whale may sell part of 130000 BTC to pay off its debts, and the rise of lunc control board is worthy of vigilance

HuobiPublished on 2022-09-02Last updated on 2022-09-05

Abstract

Whale may sell part of 130000 BTCs to pay off its debts, and the rise of lunc control board is worthy of vigilance.

1. BTC horizontal plate operation

During BTC's sideways trading, there are obvious signs of recent major profit flight. In addition, investors who hold currency for a relatively regular time have begun to transfer money actively, so it can be said that the current selling pressure has the potential for further growth.

According to the news, on September 1, Karl Racine, the chief prosecutor of Washington, D.C., was suing MicroStrategy and its co-founder.

For BTC, MicroStrategy is a unique existence - always long. According to the statistics of bitcoin treasures, MicroStrategy currently holds more than 129000 bitcoins, which is second only to grayscale, block one and mtgox in the number of institutional positions. Michael Saylor, the former CEO of the company, who is the subject of the lawsuit, is the main driver of his bitcoin buying behavior and is also regarded as a powerful flag bearer to push up the price in the bull market.

Prosecutors said Saylor had not fulfilled enough tax obligations since 2014. Through this lawsuit, prosecutors try to recover unpaid taxes and fines from Saylor and MicroStrategy, which will total more than $100 million.

Since the tax department does not support crypto payment, MicroStrategy's cash and cash equivalents as of June 30, 2022 were only $69.4 million, and the company is still losing money.

In June this year, MicroStrategy transferred 2089.99 bitcoins to a new wallet for the first time. This also once triggered market speculation that diamond hands would finally sell their bitcoins, which triggered the most alarming market concern.

2. Expected increase of lunc

With the steady growth, the price of lunc soared, not only breaking through the previous high of 0.00016, but also reaching the highest of $0.0003, with a cumulative range increase of 230%.

On the news side, the largest node in Luna class public chain announced version 0.5.22. The important point of this version is that it includes restart pledge and 1.2% combustion. After the upgrade is completed, the pledge function of lunc is activated, and the number of destroyed products is greatly increased, which promotes the space for price rebound.

It is worth mentioning that at present, the daily trading volume of lunc has limited fluctuation space, which continues the trading volume performance in the previous period as a whole. Therefore, there may be greater risks in the rising market driven by stock. Especially after Luna's sharp fall, it will take time to test whether lunc can continue its strong price.

3. The pledge quantity is relatively concentrated

From the distribution of the number of addresses burned, the concentration is very clear, indicating that the participation of retail investors is low. Among them, the number of addresses ranking first is the address beginning with 1sq67, and the number of combustion accounts for 57.5%. For the second to fourth addresses, the number of incendiary bomb LUNs accounted for 16.6%, 9.2% and 4.7% respectively.

That is to say, the combustion mechanism of lunc is controlled by a small number of main forces, and the project has a great impact on the supply of lunc. When small and medium investors participate, it is especially aimed at the speculation in the secondary market.

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