On-chain data suggests that Terra could be gearing up for another massive Bitcoin (BITCOMP) purchase.

What Happened

According to Etherscan data shared by Larry Cermak on Twitter, the Luna Foundation Guard (LFG) sent $231 million worth of Tether 

USDT/USD to crypto exchange Binance on Wednesday.

The same address purchased $125 million worth of Bitcoin last week, laying the groundwork for Terra’s long-term plan to acquire $10 billion BTC for its reserves.

Cermak, VP of Research at The Block, estimated that there is around $610 million left in the Ethereum wallet which is likely being managed by Jump Trading.

Meanwhile, the Bitcoin wallet associated with LFG holds more than 33,000 BTC worth around $1.5 billion.

The last Bitcoin buy fuelled a 10% single-day rally for LUNA, sending it to a new all-time high ahead of $105 on March 29.

Price Action

According to data from Benzinga Pro, Bitcoin was trading at $45,480, down 2.5% in the last 24 hours. LUNA was trading at $117, gaining 1.61% over the same period.