Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTC’s Stars?

On-chain
data
shows
the
Litecoin
whales
have
gone
on
a
$230
million
buying
spree
recently,
which
could
bring
bullish
winds
for
the
coin.

Litecoin
Whales
Have
Been
Making
Net
Inflows
To
Their
Wallets
Recently

According
to
data
from
the
market
intelligence
platform

IntoTheBlock,
the
Litecoin
whales
have
received
large
net
inflows
in
their
addresses
over
the
past
month
or
so.

The
on-chain
indicator
relevant
here
is
the
“Large
Holders
Netflow,”
which
tracks
the
net
amount
of
Bitcoin
entering
into
or
moving
out
of
the
combined
wallets
of
investors
owning
at
least
1%
of
the
cryptocurrency’s
circulating
supply.

Related
Reading

IntoTheBlock
defines
such
“large
holders”
as
the
whale
entities
of
the
asset.
Whales
are
generally
considered
to
be
influential
beings
on
the
network,
owing
to
their
ability
to
move
large
amounts
on
the
network
in
a
short
span
of
time.

When
the
Large
Holders
Netflow
has
a
positive
value,
it
means
that
these
humongous
investors
are
receiving
a
net
amount
of
coins
into
their
balance
right
now.
Naturally,
such
buying
can
be
bullish
for
the
coin’s
price.

On
the
other
hand,
the
negative
indicator
implies
the
whales
are
potentially
participating
in
selling
currently,
which
could
have
bearish
consequences
for
the
asset.

Now,
here
is
a
chart
that
shows
the
trend
in
the
Litecoin
Large
Holders
Netflow
over
the
past
month:

The value of the metric seems to have been positive in recent days | Source: IntoTheBlock on X

As
displayed
in
the
above
graph,
the
Litecoin
Large
Holders
Netflow
has
mostly
observed
positive
values
inside
this
window,
suggesting
that
the
whales’
wallets
have
been
receiving
net
deposits.

According
to
the
analytics
firm,
these
large
holders
have
accumulated
2,751,633
LTC
in
the
last
30
days.
At
the
current
exchange
rate
of
the
asset,
this
stack
is
worth
a
whopping
$230
million.

As
the
chart
also
shows,
the
indicator
spiked
particularly
strongly
on
the
10th
of
this
month.
During
these
net
inflows
alone,
the
whales
bought
900,000
LTC,
the
highest
daily
amount
since
February,
representing
around
one-third
of
the
total
accumulation
in
the
past
month.

Related
Reading

This
buying
spree
from
the
large
holders
has
come
as
the
asset’s
price
has
been
consolidating
around
its
lows
following
the

mid-April
crash.
Thus,
it
would
imply
the
whales
believe
the
recent
prices
of
Litecoin
to
have
been
worthy
entry
points
into
the
coin.

This
could
certainly
be
a
bullish
sign
for
the
cryptocurrency,
so
it
remains
to
be
seen
how
the
asset’s
price
will
develop
in
the
near
future.
The
indicator
may
be
worth
monitoring,
though,
as
its
value
turning
negative
could
instead
spell
a
bearish
outcome
for
the
coin.

LTC
Price

Litecoin
has
continued
to
consolidate
inside
its
range
recently
as
its
price
is
currently
trading
around
$84.

Looks like the price of the asset has been trading sideways over the last few weeks | Source: LTCUSD on TradingView

Featured
image
from
Kanchanara
on
Unsplash.com,
IntoTheBlock.com,
chart
from
TradingView.com