Glassnode Analysts Believe Bitcoin is Closer to its Fair Price Amid UST Crash
According to a report by Glassnode analysts, the price of Bitcoin has decreased by 10% to its fair price with a new minimum for 17 months, which has happened against the backdrop of the collapse of the stablecoin UST and the associated turbulence.
The full use of LFG reserves of 80,394 BTC did not stop the collapse of the UST-LUNA ecosystem, whose TVL was approaching $40 billion. At the moment, the first asset has stabilized at $0.125, the second fell 99.9998% of ATH, to $0.0002.
Due to such drastic changes, Terra network validators restarted it twice.
LFG drained its $3.275 billion in Bitcoin reserves within 21.5 hours from May 9 to 10 in three tranches of 22,189 BTC, 30,000 BTC and 28,205 BTC. The first two went to Gemini through OTC platforms, the last one went directly to Binance.
