Will this change the stars of LTC?
According to on-chain data, Litecoin whales recently went on a $230 million buying spree, which could be bullish for the coin.
Litecoin whales have been seeing net inflows into their wallets recently.
Litecoin whales have received massive net inflows to their addresses over the past month, according to data from market intelligence platform IntoTheBlock.
The relevant on-chain metric here is “Large Holder Netflow,” which tracks the net amount of Bitcoin entering or leaving the integrated wallets of investors who own at least 1% of the cryptocurrency’s circulating supply.
Related Reading
IntoTheBlock defines these “large holders” as whale entities of the asset. Whales are generally considered influential entities in networks due to their ability to move large volumes across the network in a short period of time.
Large Holders If Netflow has a positive value, this means that these huge investors are receiving a net amount of coins in their current balance. Naturally, such purchases may be bullish on the price of the coin.
On the other hand, a negative indicator means that whales are currently potentially engaging in selling, which could have negative consequences for the asset.
Now here is a chart showing the trend of Litecoin Large holder Netflow over the past month:
The value of the metric seems to have been positive in recent days | Source: IntoTheBlock on X
As shown in the graph above, Litecoin Large Holders Netflow observed mostly positive values within this window, suggesting that the whale’s wallet is receiving net deposits.
According to the analytics firm, these large holders have accumulated 2,751,633 LTC in the last 30 days. At current asset exchange rates, this stack is worth a whopping $230 million.
As you can see from the chart, the indicator surged particularly strongly on the 10th of this month. During this period of net inflows, whales purchased 900,000 LTC, the highest daily amount since February, or about a third of last month’s total accumulation.
Related Reading
These purchases by large holders come as asset prices have hardened to their lowest levels since the mid-April crash. So, this means that whales believe Litecoin’s recent price is a worthwhile entry point into the coin.
This could certainly be a bullish sign for cryptocurrencies, so it remains to be seen how the asset price develops in the near future. However, if the value of this indicator turns negative, it may be worth monitoring as it could result in a bearish outcome for the coin.
LTC price
Litecoin has continued to consolidate in a 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
Kanchanara from Unsplash.com, featured image from IntoTheBlock.com, chart from TradingView.com
