Glassnode Report shows How Luna made a big mistake by making BTC as a primary Reserve.
And how Luna Destroyed their own chain and total market by Dumping BTC.
https://insights.glassnode.com/the-week-onchain-week-20-2022/Top Reason was like Market was in panic and on that Luna made Dumb decision by adjusting the UST to be fixed by Selling BTC Reserves.. which made BTC dump and a more panic
No matter what centralized bodies as Binance and Gemini Exchange announced in this matter onchain data is clearing everything flow BTC suddenly increases by 88k BTC ahhhh. By magic ? Naa its Reserve selling.
It was the fate of LUNA by own team mistakes we can't do anything.
History as a famous proverb is Time Repeats itself BTC is too close to its Realized value by a small gap of 9.5% can we expect a Come back in market from that point or sode ways movement.
Well History says that Last time BTC traded 7 days on its Realized value or close to it and then market made a good move in Bullish Mode..