Key Traders Aggressively Accumulating Litecoin Ahead of LTC’s Halving Event: Analytics Firm Santiment

MartinBH litecoin editorial illustration use a consistent color 7ab1c7f5 ef9b 42c9 ad1f 830b216e9a64

A leading analytics firm says a certain class of crypto traders is rapidly accumulating the peer-to-peer payments network Litecoin (LTC) in anticipation of its upcoming halving event.

Santiment says that Litecoin dolphins and sharks have accumulated 205,400 LTC worth nearly $19 million since June 14th.

According to the analytics firm, the mid-tier holders are loading up on LTC as the altcoin approaches its halving event which is slated for August 2nd.

“With Litecoin’s highly anticipated halving event within arm’s reach on Wednesday, key traders holding between $9,500 and $950,000 worth of LTC are aggressively accumulating. Like most coin halvings, this is being perceived as a bullish event by traders.” 

Source: Santiment/Twitter

While LTC dolphins and sharks appear to be bullish on the 12th-largest cryptocurrency, closely followed crypto strategists do not share their optimism.

Pseudonymous analyst DonAlt, who successfully caught LTC rallies throughout the year, previously predicted that the halving will likely be a sell-on-news event based on historical data.

“LTC halvings on a chart.

This is why I shilled this more than half a year ago and stopped weeks ago.

The halving isn’t a bull catalyst anymore. It’s a drag given a bunch of people only bought it in anticipation.” 

Source: DonAlt/Twitter

Trader Rekt Capital is also bearish on LTC. According to the pseudonymous analyst, LTC could witness a post-halving pullback after Litecoin closed the month of July below a key support level.

“LTC still hovering below red.

Needs a monthly close above red to flip it into new support.

(Monthly) close above red could still mean LTC could see an upside going into the Litecoin halving.

Fail to retest red ($94) as support could start the post-halving correction.” 

Source: Rekt Capital/Twitter

At time of writing, LTC is trading for $92.27.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

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.

Generated Image: Midjourney

The post Key Traders Aggressively Accumulating Litecoin Ahead of LTC’s Halving Event: Analytics Firm Santiment appeared first on The Daily Hodl.

Steve Beckford

Steve Beckford

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 67,338.04
ethereum
Ethereum (ETH) $ 3,749.14
tether
Tether (USDT) $ 0.999280
bnb
BNB (BNB) $ 594.43
solana
Solana (SOL) $ 168.90
staked-ether
Lido Staked Ether (STETH) $ 3,747.19
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.522822
dogecoin
Dogecoin (DOGE) $ 0.164753
shiba-inu
Shiba Inu (SHIB) $ 0.000027
cardano
Cardano (ADA) $ 0.451607
the-open-network
Toncoin (TON) $ 6.46
avalanche-2
Avalanche (AVAX) $ 36.39
chainlink
Chainlink (LINK) $ 18.53
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,322.04
polkadot
Polkadot (DOT) $ 7.17
tron
TRON (TRX) $ 0.112051
bitcoin-cash
Bitcoin Cash (BCH) $ 465.87
near
NEAR Protocol (NEAR) $ 7.63
uniswap
Uniswap (UNI) $ 10.49
matic-network
Polygon (MATIC) $ 0.718278
litecoin
Litecoin (LTC) $ 83.54
pepe
Pepe (PEPE) $ 0.000015
internet-computer
Internet Computer (ICP) $ 12.13
fetch-ai
Fetch.ai (FET) $ 2.19
leo-token
LEO Token (LEO) $ 5.95
dai
Dai (DAI) $ 0.999387
wrapped-eeth
Wrapped eETH (WEETH) $ 3,893.71
ethereum-classic
Ethereum Classic (ETC) $ 30.41
render-token
Render (RNDR) $ 10.26
aptos
Aptos (APT) $ 9.11
dogwifcoin
dogwifhat (WIF) $ 3.79
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,708.61
hedera-hashgraph
Hedera (HBAR) $ 0.103244
cosmos
Cosmos Hub (ATOM) $ 8.68
arbitrum
Arbitrum (ARB) $ 1.15
immutable-x
Immutable (IMX) $ 2.22
kaspa
Kaspa (KAS) $ 0.137305
mantle
Mantle (MNT) $ 0.993438
filecoin
Filecoin (FIL) $ 5.80
crypto-com-chain
Cronos (CRO) $ 0.116719
stellar
Stellar (XLM) $ 0.106894
the-graph
The Graph (GRT) $ 0.311081
first-digital-usd
First Digital USD (FDUSD) $ 0.998117
ethena-usde
Ethena USDe (USDE) $ 1.00
blockstack
Stacks (STX) $ 1.94
okb
OKB (OKB) $ 45.81
optimism
Optimism (OP) $ 2.52
bittensor
Bittensor (TAO) $ 396.91
floki
FLOKI (FLOKI) $ 0.000269