Litecoin (LTC) Whales Transact at Highest Level Since Early 2021, Says Crypto Anaytics Firm Santiment

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Blockchain ana­lyt­ics firm San­ti­ment says Litecoin’s biggest hold­ers have start­ed mov­ing LTC at lev­els not seen in near­ly a year.

San­ti­ment says that on April 14th, LTC trans­ac­tions worth more than $100,000 were at their high­est point since May of 2021, when volatil­i­ty was explod­ing in the cryp­to markets.

“Litecoin’s top key stake­hold­ers have been quite busy over the past week with mas­sive trans­ac­tions occur­ring near its price bot­tom at the begin­ning of the week. The 5,508 LTC trans­ac­tions val­ued at $100k+ was the high­est total in 11 months.”

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Source: Santiment/Twitter

Lite­coin is cur­rent­ly priced at $111 and is down over 72% from its all-time high of $410.

Look­ing at Bit­coin (BTC), the ana­lyt­ics firm says that while social media is lit up with bull­ish sen­ti­ment, on-chain data shows that mar­ket par­tic­i­pants are not yet bet­ting that the bot­tom is in.

“When we sum up every­thing, it looks like it rep­re­sents the fol­low­ing crowd sen­ti­ment: what­ev­er hap­pens at the bot­tom is not con­vinc­ing. Peo­ple are not com­mit­ting their mon­ey to enter any­thing relat­ed to bull­ish cas­es, sur­pris­ing­ly. There are bull­ish talks, but we don’t see actions onchain.

We do believe it’s a good sign. We trust onchain data. But the total amount of still pos­i­tive news is a bit con­cern­ing. Too high expectations.

It could be that we need one more dip. But for the short-term met­rics we’ve seen the last – it’s a good chance we should go a bit higher.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/Elnur/Natalia Siiatovskaia



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