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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Whale Withdraws $32M In LTC From Binance, Good Sign For Rally?

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Litecoin Whale

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Data shows a Litecoin whale has withdrawn $32 million in LTC from Binance, a sign that could be positive for the latest rally.

Litecoin Whale Takes Out $32M In LTC From Binance

As per data from the crypto transaction tracker service Whale Alert, a massive LTC transfer has taken place during the past day. In total, the transaction involved the movement of 425,660 LTC on the blockchain, worth around $32.1 million at the time of the transfer.

Related Reading: Billion-Dollar Hedge Fund Is Betting Against Bitcoin And Grayscale, Not Just USDT

Usually, such large transfers are a sign of activity from the whales, and due to the sheer scale of coins typically involved in them, the movements can sometimes have visible impacts on the price of Litecoin.

However, which way the price will respond to a transfer depends on the intent behind it. Here are a few additional details regarding the latest whale transaction that may shed some light on its purpose:

Litecoin Whale

Looks like this massive transfer only took a negligible fee of 0.00000224 LTC to be possible | Source: Whale Alert

As can be seen above, this Litecoin transaction was sent from a wallet attached to the crypto exchange Binance, and its destination was an unknown wallet. An unknown address is any address not affiliated with a known centralized platform and is thus likely to belong to a personal wallet.

Related Reading

Bitcoin

Bitcoin Taker Buy/Sell Ratio Can’t Give Any Clear Signals As Demand Remains Low

2 years ago

Transfers of this nature, where coins move from exchanges to personal wallets, are called exchange outflows, and since holders usually withdraw from these platforms for accumulation purposes, outflows can have a bullish effect on the price.

Here, the exchange outflow was done by a whale, so it may mean that this humongous investor is planning to hold onto their Litecoin for an extended period of time. In the few days since the new year has started, LTC has been rallying up with the coin already reclaiming $75, so the whale not selling here to take advantage of this profitable opportunity and instead opting to accumulate suggests conviction from the investor that there is more to come for LTC.

There has also been another bullish signal for Litecoin recently, and it’s that the monthly LTC transactions on BitPay, the largest crypto payments processor, have gone up by 109% over the past year. This means that the network has observed some sharp growth in terms of adoption, a sign that should be constructive for the price in the long term.

In just one year, monthly Litecoin use, with the worlds largest crypto processor, increased 109% 🚀 pic.twitter.com/DBXe6OTdib

— Litecoin (@litecoin) January 2, 2023

LTC Price

At the time of writing, Litecoin is trading around $75, up 8% in the last week.

Litecoin Price Chart

The value of the crypto seems to have sharply surged in the last few days | Source: LTCUSD on TradingView
Featured image from Rémi Boudousquié on Unsplash.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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