Recent data show significant Litecoin wall inserts on stock exchanges - a possible negative sign for LTC.
Recent data show significant Litecoin wall inserts on stock exchanges - a possible negative sign for LTC.
The latest data show that Litecoin whales have paid considerable amounts of the assets to stock exchanges in the last 24 hours. This could be a negative sign for LTC.
According to the cryptocurrency transaction work, Whale Alert, there were a total of four large transfers on the LTC blockchain. The largest transfer included the movement of 500,000 LTC, which corresponded to around $ 46 million at the time of the transfer. Interestingly, the other three transfers moved the same number of tokens in the network: 78,760 LTC. The average value of these transfers was $ 7.2 million at the time of movement.
In view of the size of these transactions, it is likely that Wal entities will be behind it. Whales are typically influential actors on the market because they keep large amounts of cryptocurrencies. It is therefore important to observe your movements because they often have volatility in the price.The effects of these huge investor transfer on the price depend on what exactly they intend to do with the transactions. A look at some additional details about the biggest transfers can help to understand the context.
A look at the sender address of this Litecoin transmission shows that it is an unknown wallet that is not connected to a known central platform. Such addresses usually belong to the personal wallets of investors.
The reception address, on the other hand, was associated with the Binance cryptocurrency exchange. Transfers like this, in which coins get from personal wallets to stock exchanges, are referred to as "stock exchange inflows". As a rule, coins are paid in on stock exchanges, so such inflows could have a negative effect on the price.
It is possible that the whale behind this deposit had a similar intention. If this is the case, the scope of the transaction could lead to noticeable negative effects on the price.
The other three transactions were either further inflows or an outflow of LTC. Two of the inflows had the same transmission and reception addresses, which indicates that the same whale could be behind these deposits. The reception address of the outflow agreed with none of today's transactions, but indicated a similar amount of coins, which suggests that it could be the same whale release.
In the last 24 hours there have been a total of net inflows of $ 53.2 million, which can lead to a considerable sales pressure on the Litecoin market.
At the time of writing this article, Litecoin is traded at around $ 91, which corresponds to a decline of 6% last week. It remains to be seen how the price will develop in the coming days, especially in view of the large transfers from Litecoin-Walen.
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