Litecoin Whales Accumulate Highest LTC Supply Since 2017: Bullish Signal?
Are Litecoin (LTC) whales signaling a renewed bullish trend? New data suggests significant accumulation of LTC by large holders, reaching levels not seen in years. Santiment notes that Litecoin addresses that own more than one million LTC are holding their highest level of available LTC supply since June 2017. This surge in whale activity is drawing attention to Litecoin's potential future price movement.
Litecoin Whales Active Again: On-Chain Data Reveals Accumulation
Those so-called Litecoin whales are active again, according to new data collated by on-chain analytics firm Santiment. Reportedly, whales with more than 1 million LTC expanded their holdings in the last few weeks. On-chain data shows the Litecoin “mega whales” now hold around 15.4% of the total supply, the highest value in more than five years. This concentration of LTC in fewer hands could indicate a strong belief in the cryptocurrency's long-term value.
Accumulation Across Whale Tiers: 10,000 to 1 Million LTC Holders Also Increasing Holdings
It's not just the mega whales. Data from cryptocurrency analytics firm Santiment shows that whale addresses holding between 10,000 and 1 million LTC have been accumulating the cryptocurrency for 15 weeks, suggesting a broader trend of institutional and high-net-worth investors increasing their Litecoin exposure. This widespread accumulation strengthens the argument for potential upward price pressure.
Significant Whale Movement: Millions of LTC Deposited
The recent whale activity includes substantial movements of Litecoin into these large wallets. On May 10, the whales moved over 900,000 LTC worth approximately $74.7 million into their wallets. With whales having deposited 2,751,633 LTC in their wallets, the trend is undeniably clear.
What Does This Mean for Litecoin's Future?
According to data from analytics firm Santiment, LTC’s mega whales have been busy accumulating during the last five weeks. The indicator of interest here is the “LTC Supply,” particularly the supply held by the largest wallets. This accumulation by Litecoin whales could be a strong indicator of future price appreciation. While not a guarantee, it suggests a positive outlook from those with significant investment in the cryptocurrency. Keep an eye on further developments in whale activity as it unfolds and consider it as a potential factor in your Litecoin investment strategy.