Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development

Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement.

Litecoin (LTC) price registered a 5% loss on Saturday, yet crypto whales seemed unfazed as they continued accumulating the token en masse. As per crypto analyst Ali Martinez, Litecoin whales bought almost 1 million tokens over the past two weeks. This event has sparked investor bullishness, especially with the recent listing of Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC).

Ali shared an X post on February 22, revealing that Litecoin whales have been accumulating the token rapidly. According to his analysis, these whales acquired 930,000 LTC tokens in the past two weeks. This massive buying spree is bound to have a significant impact on the market.

This data also points towards sustained buying pressure in the market, despite the broader crypto market turbulence. Notably, crypto whales are large-scale investors who have been present in the market for a long duration, making their trades all the more crucial. Their maneuver to accumulate LTC surfaces as bullish news.

Canary Capital’s ETF Surfaces On DTCC

CoinGape reported earlier this week that Canary’s LTC ETF finally appeared on the DTCC platform under the ticker LTCC. This development has solidified hopes of an approval ahead. This saga has also sparked investor bullishness as an exchange-traded product backed by Litecoin may be available soon.

Moreover, renowned ETF analyst Eric Balchunas further anticipated a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.

LTC Price Eyes Rally?

Despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.

However, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.