Litecoin (LTC) Price Skyrockets, Outperforming Bitcoin (BTC), as Whales Accumulate in Anticipation of Spot ETF Approval

In the last few weeks, the price of Litecoin (LTC) has skyrocketed, marking an upward trajectory contrary to the rest of the crypto market.

The price of Litecoin (CRYPTO:LTC) has outperformed benchmark Bitcoin’s price performance over the past few weeks.

From February 5 to today, LTC has grown by 35% in the pair against BTC, which continues to limp below the $100,000 level. From February 3 onwards, there has been a strong positive netflow among the addresses with more LTC coins in balance.

Following the drawdown at the beginning of February, which sank the entire cryptocurrency market, all wallets with at least 0.1% of the total circulating supply of Litecoin began to regularly purchase the coin, with a peak of buy recorded on February 7.

According to the data shown by IntoTheBlock, in the last two weeks these whale wallets have accumulated a total of 4.68 million LTC, equivalent to over $500 million.

Simultaneously, the price of the crypto assets has increased by 42%, rising from the minimum value of $98 (excluding the bear spike of February 3) to the local top of $136. Monitoring the next netflow movements of the whales can help to understand if Litecoin is destined for another bull phase.

It is also interesting to observe the metric “Address by Holdings” which highlights how the various segments of holders tend to accumulate or sell Litecoin coins over time.

Since the beginning of the year, we have witnessed a gradual increase in holders with more than 1K LTC, while the small fish with a portfolio between 0 and 0.1 LTC (about 6 million addresses) have slightly decreased.

A similar scenario occurred between 2020 and 2021, when the decline in activity of small holders preceded the great bull run of Litecoin, with its price soaring to over $400. If history were to repeat itself, then it would mean that we are on the verge of a major breakout for the cryptocurrency.