The Litecoin (LTC) price is down 14% from its recent high of $101 recorded on April 18. An outlier Miner reserve offloading event has sparked bearish concerns across the Litecoin ecosystem. How much would it impact LTC price action in the coming days?
When the Litecoin (LTC) community began a 100-day countdown to the next halving event, bullish speculators anticipated an accumulation trend among miners. But instead, on-chain data currently paints a contrary picture.
Miners Offload $170 Million Worth of Litecoin
On-chain data compiled by IntoTheBlock shows that Litecoin miners depleted their reserves considerably in a shock move at the close of April.
As of May 1, LTC miner reserves stood at 2.56 million coins. But the chart below depicts how the miners reduced their balances from 4.53 million LTC to 2.55 million LTC between April 22 and 23.
Miner reserves refer to the amount of cryptocurrency that miners hold and have yet to sell. Investors often interpret a sharp decline in miner reserves as a bearish signal as it indicates that miners are selling more of their block rewards.
At current market prices of $
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Author: Ibrahim Ajibade
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