On-chain data shows that Litecoin whales recently went on a $230 million buying spree, which could bring bullish tailwinds for the coin.

Litecoin whales have recently seen net inflows into their wallets

According to data from the market intelligence platform To the Blockover the last month, Litecoin whales have received enormous net inflows into their addresses.

The relevant on-chain indicator here is the “Large Holders Netflow”, which tracks the net amount of Bitcoin entering or leaving the combined wallets of investors holding at least 1% of the cryptocurrency’s circulating supply.

IntoTheBlock defines such “large holders” as whale assets. Whales are widely considered to be influential creatures on the Internet due to their ability to move enormous amounts of data across the network in a miniature period of time.

When the flow of enormous holders is positive, it means that these huge investors are now receiving a net amount of coins added to their balance. Of course, such purchases may be bullish due to the coin’s price.

On the other hand, a negative indicator means that whales are potentially currently participating in selling, which could have bearish consequences for the asset.

Here is a chart showing the net flow trend of enormous Litecoin holders over the past month:

The value of the metric seems to have been positive in recent days | Source: IntoTheBlock on X

As you can see in the chart above, Litecoin Enormous Holders Netflow saw mostly positive values ​​during this window, suggesting that whale wallets were receiving net deposits.

According to the analytics firm, these enormous holders have accumulated 2,751,633 LTC in the last 30 days. At current asset exchange rates, this stack is worth a whopping $230 million.

As the chart also shows, the indicator rose particularly strongly on the 10th of this month. During this net inflow alone, whales purchased 900,000 LTC, which is the highest daily amount since February and represents about one-third of last month’s total accumulation.

The buying spree by enormous holders came as the asset’s price consolidated near lows after the mid-April crash. This would therefore mean that whales believe that recent Litecoin prices have been worthy entry points into the coin.

This could certainly be a bullish sign for the cryptocurrency, so it remains to be seen how the asset’s price will trend in the near future. The indicator may be worth monitoring, however, as a negative value could instead indicate a bearish outcome for the coin.

LTC price

Litecoin has continued to consolidate in its range recently, and its price is currently around $84.

Looks like the price of the asset has been trading sideways over the last few weeks | Source: LTCUSD on TradingView

Featured image by Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com