Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTC’s Stars?

Litecoin whales have been on a major buying spree, acquiring a staggering $230 million worth of the cryptocurrency. This influx of funds into the wallets of large holders could have a bullish impact on Litecoin’s price. On-chain data provided by market intelligence platform IntoTheBlock reveals that these whale entities, known for their substantial influence on the network, have been accumulating Litecoin in significant amounts. The positive values of the Large Holders Netflow indicator indicate that these investors are currently receiving more coins than they are selling, suggesting optimism about the future of the cryptocurrency. In fact, over the past 30 days alone, these large holders have accumulated 2,751,633 LTC, equivalent to $230 million. This buying frenzy reached its peak on the 10th of this month when the whales purchased 900,000 LTC, the highest daily amount since February. This surge in buying activity from influential investors comes at a time when Litecoin’s price has been consolidating following the mid-April crash. The fact that whales are entering the market at these price levels indicates their confidence in Litecoin’s potential for growth. However, it remains to be seen how this buying spree will impact the cryptocurrency’s price in the near future. It is worth keeping an eye on this indicator, as a shift to negative values could potentially lead to bearish consequences for Litecoin. As of now, Litecoin is trading around $84 and has been moving sideways in recent weeks.