• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Litecoin Whale

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

Hououin Kyouma by Hououin Kyouma
5 months ago
in Litecoin
Reading Time: 3 mins read

Data shows a Litecoin whale has withdrawn $32 million in LTC from Binance, a sign that could be positive for the latest rally.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:

Litecoin Whale

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.

Litecoin Price Chart

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
Tags: BinanceCrypto Exchange BinanceLitecoinlitecoin bullishLitecoin OutflowLitecoin Whaleltcltc/usd
Tweet123Share196ShareSend
Hououin Kyouma

Hououin Kyouma

Kyouma is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Kyouma has been writing for many years, first as a hobbyist and later as a freelancer. He obtained a bachelor's in physics in 2022 and is planning on starting a master's in the same field in the near future. Kyouma is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football. You can find Kyouma on Twitter at @Kyouma29.

Related Posts

Litecoin Bear

Litecoin’s MVRV Has Surged, Why This Is Bearish

5 days ago
Litecoin

Litecoin Surpasses $90, But This Level Remains Crucial For The Altcoin

6 days ago
litecoin undervalued crypto bitcoin ethereum

Why Litecoin Is The Most Undervalued Asset in Crypto

2 weeks ago
Litecoin Whales

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

2 weeks ago
Litecoin

Litecoin (LTC) Records Spike In Active Addresses Following Launch of LTC-20: Santiment

2 weeks ago
Litecoin

Litecoin (LTC) Falls Under $80, Is It Time To Buy Now?

3 weeks ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Litecoin and Polkadot Investors Jump on InQubeta (QUBE)...

    42 mins ago
  • Here’s Why AI Investors Are Flocking to the...

    5 hours ago
  • Arbitrum (ARB) Anticipates 5-10% Upsurge in Bullish...

    6 hours ago
  • Anticipation for Litecoin (LTC) Halving Event Amplifies as...

    6 hours ago
  • Ledger faces backlash investors are moving their funds to...

    15 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.