Data shows a Litecoin whale has withdrawn almost $14 million in LTC from the crypto exchange Binance, a sign that may be bullish for the crypto’s price.
$13.8 Million In Litecoin Exits Wallet On Crypto Exchange Binance
As per an alert from the crypto transaction tracker service WhaleAlert, a transfer of 230,373 LTC has been observed on the chain during the past day.
At the time the transfer took place, this amount was worth around $13.8 million. Since then, Litecoin’s price has seen some uplift, making it so that these coins are now worth $14.2 million.
Such large transactions usually belong to a single whale, or an entity made up of multiple investors. Below is the relevant data related to the transfer that might shed some more light on its intent.
Looks like this massive transfer only took a negligible fee of 0.00007034 LTC to go through | Source: WhaleAlert
As you can see, this Litecoin transaction was sent from a wallet address part of the crypto exchange Binance, and was received by an unknown address.
Such addresses aren’t usually attached to any centralized exchange, and likely belong to personal wallets.
Whales generally withdraw their coins from exchanges to personal wallets like these for accumulation purposes (but not always, sometimes it’s for selling through over-the-counter (OTC) deals).
If the intent of this transaction was indeed for accumulation from the whale, then this exchange outflow might be constructive for the price of Litecoin.
The analytics platform Santiment has also pointed out another bullish signal for the crypto; the number of addresses with at least 1000 LTC have been rapidly going up during the last few months.
Here is a chart that shows the trend in this Litecoin indicator over the past twelve months:
The value of the metric has been riding a sharp uptrend in recent months | Source: Santiment
From the chart, it’s apparent that following the sharp increase since mid-June, there are now 314 more Litecoin addresses on the chain that are holding at least 1000 coins.
The analytics firm also makes note that the LTCBTC trading pair has risen by around 51% since the bottom in June, another positive sign for the crypto.
At the time of writing, Litecoin’s price floats around $62, down 1% in the last week. Over the past month, the crypto has gained 19% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto has shot up over the last twenty-four hours or so | Source: LTCUSD on TradingView
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, Santiment.net