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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Polygon (MATIC) Whale Makes Large Deposit To Binance, Bearish Sign?

On-chain data shows a Polygon whale has made a sizeable deposit to the cryptocurrency exchange Binance, a sign that may be bearish for MATIC. Polygon Whale Has Deposited $13.7M Worth Of MATIC To Binance According to data from the cryptocurrency transaction tracker service Whale Alert, a massive MATIC transaction has been spotted on the blockchain during the past day. The transfer in question involved the movement of 13.1 million MATIC, worth almost $13.7 million in US Dollars, when the transaction went through on the network. Given the large scale of the transfer, it’s likely that a whale entity was responsible for it. Related Reading: 95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell Whales can be influential beings on the blockchain due to their sheer scale of holdings. As such, their movements can be worth watching, as they may lead to fluctuations in the market or, at the very least, inform us about the sentiment among these humongous entities. As for what any such transaction may imply for the market, it comes down to the intent behind it. Below are additional details regarding the latest Polygon whale transfer, which may reveal its context. Looks like this transfer cost a fee of more than $5 to go through on the Ethereum blockchain | Source: Whale Alert As is visible above, the sending address involved in this Polygon transaction was an unknown wallet. This means the address was unaffiliated with any known centralized platform like an exchange and, thus, was likely to be an investor’s wallet. On the other hand, the receiving address was connected to a centralized entity: the cryptocurrency exchange Binance. Moves like this that go from unknown wallets to exchanges are known as exchange inflows. The whale making an inflow to Binance suggests they wanted to use one of the platform’s services, which can include selling. As such, the transaction may prove to be bearish for Polygon’s price if the whale ends up selling their stack. MATIC Is Behind Market With Only 1% Surge Today Whereas the rest of the cryptocurrency market has been racing up in the past day, led by Bitcoin’s strong surge towards $57,000, Polygon has lagged as the asset has only been able to see an uplift of 1% in the last 24 hours. The below chart shows how the coin has performed in the last few days. The price of the asset appears to have seen some uplift in the past day | Source: MATICUSD on TradingView However, Polygon’s returns of around 7% over the past week aren’t too far off from Bitcoin’s 9% profits in the same period. Still, the relatively poor performance in the past day may be why the whale has potentially decided to sell their large stack. Related Reading: Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable? Regarding market cap, MATIC is currently the 14th largest coin in the sector, with its closest competitor, Polkadot (DOT), speeding away with its gains of more than 6%. The market cap of the asset seems to be around $10 billion at the moment | Source: CoinMarketCap Featured image from Thomas Kelley 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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