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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Litecoin Whales Deposit Big To Exchanges, Bearish Sign?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Litecoin

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Data shows that Litecoin whales have deposited a large amount of the asset to exchanges during the past day, a sign that may be bearish for LTC.

Litecoin Whales Have Made Significant Exchange Inflows In 24 Hours

According to data from the cryptocurrency transaction tracker service Whale Alert, several large transfers have taken place on the LTC blockchain during the past day.

In total, there have been four such transactions, with the largest of them involving the movement of 500,000 LTC (around $46 million at the time the transfer went through). While the other three interestingly all saw the same number of tokens moving on the network: 78,760 LTC (the USD price fluctuated between each of these transactions, but on average, the stacks were worth $7.2 million at the time of movement).

As all these transactions are so large, it’s possible that whale entities were behind them. The whales are generally influential beings in the market, as they hold very large amounts in their wallets. Thus, their movements are usually something to look out for, as they may precede volatility in the price.

Naturally, how the price may be influenced by these humongous investors’ transfers depends on what exactly they wanted to achieve with said transactions.

Here are some additional details regarding the largest of today’s transfers, which may help shed some light on the context surrounding it:

Litecoin Whale

Looks like this LTC transfer required a negligible fee to go through | Source: Whale Alert

As you can see above, the sending address in the case of this Litecoin transfer was an unknown wallet, meaning that it was unattached to any known centralized platform. Such addresses are usually investors’ personal wallets.

The receiving address, on the other hand, was connected to a centralized platform: the cryptocurrency exchange Binance. Transfers like this where coins move from self-custodial wallets to exchanges are called “exchange inflows.”

Usually, one of the major reasons why holders may deposit their coins to exchanges is for selling-related purposes, so exchange inflows can have bearish effects on the price.

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It’s possible that the whale here also made this deposit with a similar intention. Naturally, if it’s truly the case, the price could feel visible negative effects from it, considering the scale of the transaction.

As for the other three transactions that were all of the exact same scale, two of these transfers were inflows similar to this one, while the remaining one was an outflow.

Two of these transfers (both inflows) shared the same sending and receiving addresses, making it likely that the same whale might have been behind the deposits.

The outflow’s receiving address doesn’t match any of the transactions from today, so it’s unknown if it’s related to them. However, it involves the exact same number of coins as the two inflows, so it raises suspicion that the same whale entity may have been behind it after all.

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Stablecoin Exchange Deposits Remain Low, What Does It Mean For Bitcoin?

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In any case, one reality continues to stand: there were total net inflows of $53.2 million in the last 24 hours, which can act as a source of significant selling pressure in the market for the cryptocurrency.

LTC Price

At the time of writing, Litecoin is trading around $91, down 6% in the last week.

Litecoin Price Chart

LTC has slipped down recently | Source: LTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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