Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTCs 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 [...]

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Litecoin Whale Deposits 500,000 LTC To Binance: Price Decline To Extend?

On-chain data shows a Litecoin whale has made a huge deposit to the cryptocurrency exchange Binance in the past day, a sign that could be bearish for LTC’s price. Binance Has Just Received A Massive Litecoin Inflow According to data from the cryptocurrency transaction tracker service Whale Alert, a large move has been spotted on the Litecoin network during the last 24 hours. The transfer in question involved the shifting of 500,000 LTC across the network. At the time that the chain executed the transaction, this stack was worth around $51.3 million. Given the large scale associated with the move, it’s likely that a whale entity was responsible for it. Related Reading: Bitcoins Next Stop: $75,500? Analyst Reveals Historical Magnet Level Whales are the largest of investors on the network, who can carry some degree of influence in the market due to their ability to make large transactions like this latest one. As such, the behavior of these humongous holders can often be worth keeping an eye on, as even if it may not always end up impacting the LTC price, it can still tell us about what the sentiment is like among this important cohort. Generally, though, it can be hard to say for certain what the whales are doing from their transaction activity alone, considering the anonymous nature of the blockchain. Nonetheless, sometimes, one of the wallets involved in the transaction can be connected to a central entity, which can provide room for speculation. The latest Litecoin move is fortunately of this type. Here are the details of the addresses involved in the transfer: As is visible above, the whale made the Litecoin transaction from a few unknown wallets. Such addresses are those that aren’t known to be affiliated with any centralized platform, so they can be assumed to be personal, self-custodial wallets of the investor. The destination of the transaction was a wallet attached to Binance, an exchange. Moves of this type, where coins go from personal addresses to the custody of an exchange, are known as exchange inflows. Related Reading: Solana (SOL) Crashes 15% After Massive Profit-Taking Spike Usually, investors deposit their tokens to these platforms when they want to use one of the services that they require, which can include selling. As such, exchange inflows can sometimes have a bearish impact on the asset’s price. It’s unknown, though, whether the whale truly intended to sell with the latest exchange inflow or not. In the scenario that the investor did plan for it, then it could spell trouble for Litecoin, considering the scale of the move and the fact that its price has already registered a considerable drawdown during the past week. LTC Price Litecoin has recently plummeted alongside the rest of the cryptocurrency sector, which has brought its price down to $104. Featured image from Dall-E, whale-alert.io, chart from TradingView.com

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Litecoin Whale Withdraws $32M In LTC From Binance, Good Sign For Rally?

Data shows a Litecoin whale has withdrawn $32 million in LTC from Binance, a sign that could be positive for the latest rally. Litecoin Whale Takes Out $32M In LTC From Binance As per data from the crypto transaction tracker service Whale Alert, a massive LTC transfer has taken place during the past day. In total, the transaction involved the movement of 425,660 LTC on the blockchain, worth around $32.1 million at the time of the transfer. Related Reading: Billion-Dollar Hedge Fund Is Betting Against Bitcoin And Grayscale, Not Just USDT Usually, such large transfers are a sign of activity from the whales, and due to the sheer scale of coins typically involved in them, the movements can sometimes have visible impacts on the price of Litecoin. However, which way the price will respond to a transfer depends on the intent behind it. Here are a few additional details regarding the latest whale transaction that may shed some light on its purpose: Looks like this massive transfer only took a negligible fee of 0.00000224 LTC to be possible | Source: Whale Alert As can be seen above, this Litecoin transaction was sent from a wallet attached to the crypto exchange Binance, and its destination was an unknown wallet. An unknown address is any address not affiliated with a known centralized platform and is thus likely to belong to a personal wallet. Related Reading: Bitcoin Taker Buy/Sell Ratio Can’t Give Any Clear Signals As Demand Remains Low Transfers of this nature, where coins move from exchanges to personal wallets, are called exchange outflows, and since holders usually withdraw from these platforms for accumulation purposes, outflows can have a bullish effect on the price. Here, the exchange outflow was done by a whale, so it may mean that this humongous investor is planning to hold onto their Litecoin for an extended period of time. In the few days since the new year has started, LTC has been rallying up with the coin already reclaiming $75, so the whale not selling here to take advantage of this profitable opportunity and instead opting to accumulate suggests conviction from the investor that there is more to come for LTC. There has also been another bullish signal for Litecoin recently, and it’s that the monthly LTC transactions on BitPay, the largest crypto payments processor, have gone up by 109% over the past year. This means that the network has observed some sharp growth in terms of adoption, a sign that should be constructive for the price in the long term. In just one year, monthly Litecoin use, with the worlds largest crypto processor, increased 109% ?? pic.twitter.com/DBXe6OTdib — Litecoin (@litecoin) January 2, 2023 LTC Price At the time of writing, Litecoin is trading around $75, up 8% in the last week. The value of the crypto seems to have sharply surged in the last few days | Source: LTCUSD on TradingView Featured image from Rémi Boudousquié on Unsplash.com, chart from TradingView.com

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Litecoin Whale Deposits Big To Binance, LTCs 3% Drop To Extend?

On-chain data shows a Litecoin whale has made a large deposit to cryptocurrency exchange Binance, which could add to the coins decline. Litecoin Whale Has Transferred 100,000 LTC To Binance Today According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Litecoin network during the past [...]

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Only 1,032 Addresses Control Over 60% Of All Litecoin (LTC) In Circulation

1,032 addresses control over 51.2 million Litecoin (LTC) in circulation, on-chain data from BitInfoCharts on May 15. Litecoin Under Siege? Records from the “Top 100 Litecoin Rich List” show that 7,355,585 LTC in circulation worth $639,814,097 are controlled by 8.78% of all registered addresses. At the same time, 26,526,499 LTC worth over $2.3 billion is managed by 111 addresses, while 17,993,930 LTC exceeding $1.5 billion are held by 918 addresses. As of May 15, there were 72,924,127 LTC in circulation. So this concentration alone means over 60% of all LTC in circulation are controlled by 1,032 addresses. Furthermore, the network will only dispense 84,000 LTC to miners as block rewards.  Related Reading: Litecoin (LTC) Records Spike In Active Addresses Following Launch of LTC-20: Santiment Litecoin is a proof-of-work network like Bitcoin. It relies on a community of special nodes called miners to validate on-chain transactions and add them to the longest chain. For their participation, the lucky miner is rewarded 12.5 LTC per block every 2.5 minutes. Based on the above statistics, what’s notable is that the $2.3 billion of LTC at spot rates owned by 111 addresses represents the biggest concentration compared to any other range by address count. To illustrate, 794,934 addresses holding between 0.01 and 0.1 LTC cumulatively own 29,508 LTC. With 794,934 addresses in this range, they are the highest number of LTC owners by wallet address count.  However, considering their total holdings, these addresses are a minority since whales currently hold over 60% of the total circulating supply. Specifically, there are three whales with over 2 million LTC as of writing on May 15. The largest LTC whale holds 2,504,667 LTC worth over $217 million. This address is active and constantly accumulates. Of note, the largest LTC whales began accumulating within the last five years from 2018.  According to on-chain data by BitInfoCharts, the last time this address deposited LTC was on May 10, 2023. Meanwhile, the last withdrawal was in early January 2023. For instance, the second largest LTC whale, with over 2.47 million coins, started depositing coins in mid-June 2022. He withdrew a portion of LTC on February 10, 2023. Based on the frequency of deposits and withdrawals, it is also highly likely that these addresses don’t belong to centralized crypto exchanges like Binance or Coinbase. Will LTC Rally Ahead of Halving? Crypto whales controlling a disproportionately large amount of coins can manipulate prices and influence trends. Still, whether this will change ahead of the Litecoin halving event is yet to be seen. The Litecoin network will slash miner rewards by half to 6.25 LTC in less than three months. Related Reading: Litecoin Price Prediction: LTC Recovery at Clear Risk on Two Factors Based on historical performances, halving events, even in Litecoin, tend to support price increases. Therefore, ahead of this event estimated to be in early August 2023, LTC prices might recover as the coin becomes scarcer. LTC prices are up 15% from May 2023 lows, changing hands at $86, according to TradingView data. Feature Image From Canva, Chart From TradingView

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Litecoin Breaks $95 As Whale Transactions Spike

Litecoin has recently managed to break past the $95 mark as on-chain data shows the whales have become active on the network. Litecoin Has Surged After Spike In Whale Activity According to data from the on-chain analytics firm Santiment, the current whale activity is the highest it has been since January. The relevant indicator here is the “whale transaction count,” which measures the total number of transfers taking place on the Litecoin network that involve the movement of coins worth at least $100,000. Since such transactions are quite large in scale, generally only the whale entities are capable of making them. Thus, this indicator can provide us with an idea about the number of transfers that these humongous holders are making on the blockchain. Due to the sheer number of coins involved in each of these transfers, if a large amount of them take place at once, the market can register noticeable fluctuations. So, whenever the whale transaction count has a high value, the price of LTC becomes more probable to display volatility. On the other hand, when this metric has low values, the price may stay relatively calm, as it suggests that the whales aren’t making too many moves on the market right now. Now, here is a chart that shows the trend in the Litecoin whale transaction counts over the last six months or so: The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter As shown in the above graph, the Litecoin whale transaction count has observed a large spike recently. This means that whales have ramped up their transfer activity in the last couple of days. Related Reading: XRP Hype Spikes As Price Surges 12%, Is This A Top Signal? At the peak of this spike, the indicator had reached its highest level since January 26, 2023. These high values have come as the price has been going up, and since they have taken place, the uptrend has only continued further, with LTC managing to break past $95. Generally, when whales become active, the price volatility can go either way as the transaction count metric only tells us about the pure number of transfers happening on the chain and not about whether they are buying or selling moves. However, as the price has seemingly continued to rise following this latest spike, it may appear that the Litecoin whales could be supportive of the current uptrend. The chart also includes the data for the transaction volume, which is a measure of the daily total amount of LTC that is registering some movement on the blockchain. Related Reading: Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily This indicator has also seen a rapid increase recently, suggesting that users are moving around large amounts on the network currently. Such a trend is generally a sign of activity being high throughout the network and is often constructive for the price. This new surge in the price of Litecoin has come as the halving, an event where the coin’s block rewards will be permanently cut in half, is just a couple of months away now. LTC Price At the time of writing, Litecoin is trading around $95, up 9% in the last week. Looks like the asset has seen a rise recently | Source: LTCUSD on TradingView Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, Santiment.net

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