Litecoin holders are increasing their accumulation of the crypto industry’s “silver asset” during the past month as the specter of its halving event looms.
Litecoin’s official Twitter handle tweeted that the halving was less than 2000 blocks away as of July 30. The highly anticipated event would reduce its block rewards to 6.25 LTC from 12.5 LTC.
Litecoin Whales Buy
On-chain data from Santiment reveals that mid-sized Litecoin whales — addresses holding 100 to 10,000 LTC — have purchased 205,400 LTC since June 14. The firm attributed this cohort’s “aggressive accumulation” to the halving event.
As of press time, the combined holdings of these wallets amount to 18.18 million LTC, worth approximately $1.7 billion.
According to Santiment, crypto traders tend to perceive most coin halvings as bullish events for the market.
