Litecoin has observed a surge in its price as on-chain data shows the whales have participated in a significant amount of buying.
Investors or wallets are put into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, contains all addresses holding between 1 and 10 LTC.
In the context of the current topic, the holders of interest are those who own more than 1,000 tokens of the cryptocurrency. At the current exchange rate, this cutoff converts to around $114,300.
Now, here is the chart shared by Santiment that shows the trend in the Litecoin Supply Distribution of the whales over the last few months:
As displayed in the above graph, the Litecoin whales have seen their Supply Distribution shoot up recently, indicating that these large entities have expanded their holdings.
If the ETF gets approved, investors will be able to buy LTC-backed shares and gain exposure to the digital asset without having to directly own it.
The firm notes:
The rebranding to Lite Strategy, Inc. underscores the Company’s commitment to building a long-term corporate strategy around Litecoin (LTC) as our primary reserve asset.
At the time of writing, Litecoin is trading around $114, up more than 4% over the past week.
