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60% of Litecoin's total supply has just been moved into a mysterious transaction
The cryptocurrency community is full of mysterious transactions. One of the most in the world mysterious transactionshowever, it just took place last week when Litecoin's $ 1.1 billion was moved in just one day.
On November 30, 2018, the Litecoin network recorded a sudden surge in the total trading volume of 24 hours. Approximately 35.4 million LTC were exchanged in one day. This is worth about $ 1.1 billion litecoin at the price of $ 31 per coin.
He declared another way, about 60% of the supply of Litecoin it was transferred over a 24-hour period.
There is rarely more than $ 1 billion of trading volume on the Litecoin network. The last time that more than $ 1 billion was moved in one day was in February 2018, when the panic swept away the space altcoin.
Since February, the Litecoin network has averaged around $ 100 million in trading volume per day.
That's why the November 30th transactions were so important. Suddenly and unexpectedly, there was a massive wave of trading volume on the network.
Where did all the Litecoin go?
A significant part of the Volume of the Litecoin network exchanges It seems to come from a single entity. Here's how the Litecoin.com blog post described the sudden movement of coins:
"A significant part of the volume seems to come from a single entity because over 40 new portfolios have just entered the top 100 rich list of the network with a balance of 300,000 Litecoin (~ $ 10,000,000) each, which represents more than 12 million Litecoin ( ~ $ 372M at the time of transfer, $ 31 per coin). "
In other words, the coins seem to have been moved to at least 40 identical portfolios with $ 10 million litecoin inside each one. All 40 of these wallets are now on the litecoin rich list with identical balances.
Nobody knows where Litecoin comes from
The team of Litecoin.com seems to be baffled by this sudden and mysterious movement of the Litecoin.
"The analysis of global trading does not take this pure volume into account, and yet it does not even seem to be a direct consolidation of funds from other addresses, and it is still unclear whether it is an exchange that transfers its funds. users offline or that OTC negotiated funds are transferred to private portfolio addresses. "
In other words, they have no idea where these are Litecoins come or the reason for the movement.
The exchanges did not register a volume of Litecoin purchase that was unusually high in the last days or weeks. This gives us two possibilities:
- This was an OTC trade that took place outside of orders, with a whale, an institution or an individual who took a serious stake in Litecoin and then transferred that Litecoin to 40 identical addresses
- This was a slow build up of litecoin for a long period of time before the user suddenly consolidates holdings in 40 Litecoin portfolio addresses
The best hypothesis is that it is a whale that takes a serious position in Litecoin at the bottom of the market (or at least where the whale could perceive the bottom of the market).
If it is a single person who is in control of Litecoin, then it indicates that the whale now has 15% of the total Litecoin supply in circulation, making this person the biggest holder of LTC overnight.
What is the most likely scenario?
The most likely scenario would be an institutional investor who would take a serious long position on Litecoin. That investor bought Litecoin in an OTC business and withdrew it to 40 identical portfolio addresses.
This would be good news for the market for several reasons.
Firstly, it means that 12 million Litecoin are out of circulation, alleviating the significant sales pressure on the market.
Second, it means that someone believes that this is the bottom of the market for LTC. With the purchase of a $ 1.1 billion stake in LTC today, the investor hopes the price will increase in the near future.
Unfortunately for the individual, the bet has already gone to the south, at least slightly. litecoin it fell from $ 31 on November 30 to $ 29.57 today. LTC is down 5.7% in the last 24 hours, similar to losses in the crypto community.
It is easy to forget that just a year ago, in December 2017, LTC sold at a record high of $ 359.84. Since, LTC collapsed along with the rest of the cryptographic space.
Someone, somewhere, seems to have just made a $ 1.1 billion bet litecoin he will turn around. We will keep you informed if the identity of this individual will become known – similar to other whales as Spoofy or Loaded. One thing is certain: we will know immediately if any of the Litecoin in these 40 wallet addresses will start moving.
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