Whales invest $950 million in a 73-day buying spree amid rumors of LTC ETF approval

• Litecoin traded below $88 on Tuesday, down a sharp 17% from its November 23 high of $106.
• Litecoin Whales have recorded positive net inflows for 73 consecutive days.
• During this 73-day buying spree, Whale Wallets acquired 13.2 million LTC for $946.6 million.

Litecoin price reached $87.90 on Tuesday, down 17% from its recent high of $106 on November 23. Despite the strong correction phase, on-chain data shows that crypto whales have entered a 73-day buying spree.

Litecoin price loses $90 support due to cascade liquidations

Following the announced resignation of US Securities & Exchange Commission (SEC) Chairman Gary Gensler, major altcoin markets received a boost.

In particular, crypto assets facing litigation and those with ongoing ETF applications, including Solana, LTC and XRP, all posted significant gains last week.

However, when Bitcoin price fell below $100,000, the ensuing sell-off created bearish winds in the altcoin market.

Litecoin price history | LTCUSD

The chart above shows how Litecoin price gained 31% within 48 hours of Gensler’s exit announcement, rising from $81.50 on November 21st to a five-month high of $106 on November 23rd.

However, as BTC price fell below $92,000 on Tuesday, Litecoin mirrored the market’s downward trend, reversing 17% of last week’s gains.

Whales invest $950 million in a 73-day buying spree

At first glance, Litecoin’s 31% rally last week appears to be driven largely by speculative demand from traders betting that Gensler’s exit will improve the chances of an LTC ETF approval.

However, a closer look at on-chain data trends shows that an ongoing whale accumulation trend underpins Litecoin’s recent price breakout.

IntoTheBlock’s Large Holder Netflow data tracks daily deposits and withdrawals from wallets that hold at least 0.1% of the Litecoin circulating supply.
Netflow large Litecoin holder | LTCUSD

As shown above, Litecoin whales have recorded 73 consecutive days of positive net inflows since September 14, acquiring 13.2 million LTC at an average price of $946.6 million.

When whales acquire such a large amount of coins, it triggers positive sentiment for two main reasons.

First, it signals that Litecoin’s largest stakeholders remain optimistic about LTC’s long-term potential.

With LTC ETF approval on the horizon, this trend could continue, potentially driving Litecoin price above $100 when market demand returns.

Additionally, large-scale whale purchases are reducing the circulating supply of Litecoin on exchanges, leading to potential shortages.

This imbalance between supply and demand can increase the likelihood of rising prices and increase Litecoin’s attractiveness to new market participants.

LTC Price Prediction: All eyes on $85 support

Litecoin (LTC) is showing signs of cautious consolidation after falling sharply by 15% from its recent high of $106.

LTC price has retreated to the $90 level with immediate support identified near the lower Bollinger band at $85. This level is crucial as it coincides with a confluence of previous demand zones and the 20-day Simple Moving Average (SMA).

Litecoin price prediction | LTCUSD

On the upside, resistance lies at $101, the upper Bollinger Band that LTC failed to hold during its recent rally.

The Average Daily Range (ADR) suggests decreasing volatility, which could indicate consolidation before the next significant move.

A break below $85 could expose LTC to further downside towards $68, while a rebound could see $96 and $101 targeted as potential recovery zones.