On-chain
data
shows
a
Litecoin
whale
has
withdrawn
around
$20
million
in
LTC
from
Binance,
which
could
be
bullish
for
the
asset’s
price.
Litecoin
Whale
Has
Just
Made
A
Large
Outflow
From
Binance
According
to
data
from
the
cryptocurrency
transaction
tracker
service
Whale
Alert,
a
massive
transfer
has
been
spotted
on
the
Litecoin
blockchain
during
the
past
day.
The
transaction
saw
the
movement
of
286,482
LTC
across
the
network,
worth
almost
$20.6
million
when
the
move
went
through.
Given
this
large
scale,
it’s
likely
that
a
whale
entity
was
behind
it.
Whales
are
considered
influential
beings
on
the
blockchain
due
to
their
large
holdings,
so
their
transactions
can
be
worth
keeping
an
eye
on
as
they
may
end
up
causing
fluctuations
in
the
asset’s
price.
How
exactly
a
whale
transfer
would
affect
the
market
depends
on
the
intent
behind
it.
Usually,
it’s
hard
to
say
why
a
transfer
was
made,
but
address
details
can
sometimes
provide
some
hints.
Below
are
details
for
the
latest
transfer
that
may
shed
light
on
its
context.
Looks like this transfer only needed a negligible fee of 0.00000896 LTC to go through | Source: Whale Alert
As
is
visible
above,
the
sending
address
for
this
Litecoin
whale
transaction
was
a
wallet
attached
to
the
cryptocurrency
exchange
Binance.
The
receiver,
on
the
other
hand,
was
an
unknown
wallet.
Unknown
wallets
aren’t
affiliated
with
any
known
centralized
platform
and
are
likely
to
be
investors’
addresses.
Transfers
like
this
that
go
from
an
exchange
to
a
self-custodial
wallet
are
exchange
outflows.
Exchange
outflows
can
be
a
sign
of
fresh
buying
in
the
market,
or
at
the
very
least,
that
the
investors
are
planning
to
hold
for
extended
periods.
As
such,
transfers
of
this
type
can
potentially
be
bullish
for
the
asset.
Thus,
if
the
whale
has
made
this
large
exchange
outflow
for
accumulation
purposes,
Litecoin
could
naturally
see
positive
effects
from
it.
There
also
exists
a
scenario,
however,
where
the
whale
has
made
the
withdrawal
for
selling
through
over-the-counter
(OTC)
deals
instead.
In
such
a
case,
the
effect
on
the
cryptocurrency
could
be
bearish.
It
remains
to
be
seen
what
influence
this
Litecoin
whale
move
would
have
on
its
price,
if
any.
In
other
news
articles,
LTC
has
recently
continued
to
be
the
most
active
blockchain
in
the
world,
as
the
official
X
handle
of
the
coin
has
been
shared
in
a
post.
The data for the LTC active addresses over the past few moths | Source: Litecoin on X
As
is
visible
in
the
above
chart,
the
daily
active
address
count
for
Litecoin
has
surged
recently
and
stands
at
802,470.
Active
addresses
refer
to
those
participating
in
some
transaction
activity
on
the
network
daily.
The
count
of
these
addresses
reflects
the
traffic
the
chain
receives.
At
the
current
levels,
LTC
is
observing
a
higher
active
user
count
than
the
likes
of
Bitcoin
(BTC)
and
Ethereum
(ETH).
LTC
Price
At
the
time
of
writing,
Litecoin
is
trading
at
around
$71,
down
more
than
4%
over
the
past
week.
The price of the asset appears to have gone down in recent days | Source: LTCUSD on TradingView
Featured
image
from
Dall-E,
IntoTheBlock.com,
whale-alert.io,
chart
from
TradingView.com
Go to Source
Author: Keshav Verma
