🚨Will Litecoin miners sell more?🚨
$LTC could also face new downside pressure if miners continue to sell.
The miner capitulation scenario has hindered Bitcoin bulls too, with the struggle catalysed by the reduced revenue and broader market weakness that had BTC shrinking since hitting its all-time highs in March.
Data from IntoTheBlock also shows a notable decline in LTC miner holdings.
Per the analytics platform’s miner balances metric, top Litecoin mining pools and entities have recently witnessed their total holdings fall from around 2.28 million LTC on March 28, 2024, to about 1.46 million as of August 26, 2024.
This implies a miner sell-off of over 820,000 LTC, worth more than $52 million at current prices.
🔥At what price did you buy LTC??
