LTC ETF approval rumors prompt $950M whale buyout in 70 days
On Tuesday, Litecoin fell 17% from its November 23 peak of $106.
Net inflows have been positive for 73 days for litter whales.
Whale wallets bought 13.2 million LTC for $946.6 million in 73 days.
Litecoin fell 17% to $87.90 on Tuesday from its November 23 peak of $106. On-chain data suggests crypto whales have started a 73-day purchasing frenzy despite the severe fall.
As liquidations mount, Litecoin loses $90.
After SEC Chair Gary Gensler resigned, major cryptocurrency markets rose.
Last week, Solana, LTC, and XRP, which are under dispute and have ETF applications, gained significantly.
However, as Bitcoin price stuck below $100,000, the altcoin market suffered.
Within 48 hours of Gensler's leaving, Litecoin rose 31% from $81.50 on November 21 to $106 on November 23, a five-month high.
On Tuesday, Litecoin retraced 17% of last week's gains as BTC fell below $92,000.
Whales spend $950 million in 73 days
Litecoin's 31% surge last week looks to be fueled by speculative demand from traders speculating on Gensler's resignation increasing LTC ETF approval odds.
Further analysis of on-chain data patterns suggests a sustained whale accumulating tendency behind the latest Litecoin price breakthrough.
As seen above, the Litecoin whales have acquired 13.2 million LTC at an average price of $946.6 million in 73 straight days from September 14.
Whales acquiring so many bitcoin inspires optimism for two reasons.
First, it shows that Litecoin's biggest investors believe in its long-term potential.
With the LTC ETF approval imminent, this trend might push Litecoin beyond $100 when market demand resumes.
A 15% drop from its $106 top has led to cautious consolidation for Litecoin (LTC).
LTC has retraced to $90, with immediate support around $85, the lower Bollinger Band. This level is crucial since it combines prior demand zones and the 20-day SMA.
Higher Bollinger Band barrier is $101, which LTC failed to break during its latest surge.
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