Litecoin Bearish Signal: Whale Deposits $37.4M In LTC To Binance


Data shows a Litecoin whale has deposited more than $37.4 million in LTC to the crypto exchange Binance, a sign that may turn out to be bearish for the asset’s price.

Litecoin Whale Transfers 500,000 LTC To Crypto Exchange Binance

As per data from the crypto transaction tracker service Whale Alert, a massive movement of tokens has been recorded on the LTC network in the past day. This individual transaction involved a shift of 1,300,940 LTC across wallets on the chain, worth upwards of $97.4 million at the time the transfer was made.

Such large transactions are usually an indication of activity from either a single whale or an entity consisting of multiple sizable investors. Movements from humongous holders like these can sometimes have noticeable impacts on the price of Litecoin. But which direction such a price change would go in depends on what exactly the whale intended to do with the transfer. Below are some additional details regarding this latest large transaction that may have hints about the purpose behind it.

Litecoin Whale Transfer

Looks like this massive movement of coins only took a negligible fee of 0.0000067 LTC to be possible | Source: Whale Alert

As the data shows, the sending address in the case of this Litecoin transaction was an unknown address. Generally, addresses like these belong to personal wallets, meaning that they are not affiliated with any known centralized platform. There were two receiving ends of this transaction, one was another unknown address and the other was a wallet attached to the crypto exchange Binance.

The bulk of the coins went to an unknown address, but it’s unclear why the whale made this move. It’s possible that this was just another address owned by the same whale, and thus this shift would only have been done for a change of addresses.

The coin movement of actual relevance here is the 500,000 LTC ($37.4 million) transfer to Binance. Since the tokens here went from a personal wallet to an exchange, this transaction was an exchange inflow. One of the main reasons investors deposit their coins to such platforms is for selling purposes, which means that inflows can have bearish consequences on the price.

Since the inflow, in this case, was from a whale, it could imply that the whale was preparing to sell their Litecoin with this transfer. If that was indeed the intent behind this move, then the value of the crypto may feel a bearish effect from it.

Litecoin Price Chart

The value of the crypto seems to have gone down during the past day | Source: LTCUSD on TradingView

At the time of writing, Litecoin’s price floats around $74.73, down 1% in the last week. Over the past month, the crypto has accumulated 31% in profits.

#Litecoin #Bearish #Signal #Whale #Deposits #37.4M #LTC #Binance


Related Posts

South Korea to examine crypto staking services following the Kraken case

[ad_1] As reported by a local publication on Feb. 15, Korean financial authorities are looking into the staking services market. However, as the unnamed official specified to…

Elon Musk Hints At New Twitter CEO At End-2023, Causes FLOKI To Skyrocket 45%

[ad_1] Elon Musk announced in December of last year that he will step down as CEO of Twitter once a replacement is found, but will continue to…

Bitcoin eyeing ‘next big move’ which could see $19K retest — analyst

[ad_1] Bitcoin (BTC) is headed to either $28,000 or $19,000 and this week could decide all, fresh analysis says. In Twitter comments on Feb. 15, popular trader…

Messari Analyst Reveals Why Polygon Is Set For Steady Growth

[ad_1] Through his tweet today, Messari analyst Tom Dunleavy singled out Polygon as a top-performing crypto asset and further described traits that set the cryptocurrency for further…

Sequoia Capital, Paradigm among VCs facing ‘tricky’ FTX investor lawsuit

[ad_1] Users of bankrupt crypto exchange FTX have reportedly taken aim at financiers who promoted the platform suggesting their efforts added an “air of legitimacy” to the…

Sen. Warren vows reintroduction of AML bill that extends to DAOs and DeFi

[ad_1] A bi-partisan anti-money laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and DAOs will soon be reintroduced to Congress, according to…

Leave a Reply

Your email address will not be published. Required fields are marked *