We examined the state of liquidations recently and discovered that there has been a fair share of liquidations on both sides. However, Litecoin pivoted on 3 July and on the same day the number of long liquidations was higher than short liquidations.
Litecoin traders should note that that the level of liquidations is likely too low to have a significant impact on price. As such, it appears that onchain activity was fueled by spot market supply and demand forces.
Speaking of supply and demand, it was worth noting that the recent sell side correction may already be slowing down. LTC’s supply distribution may offer insights as to why. Addresses holding between 100,000 and 1 million LTC have the largest share of Litecoin in circulating supply. Interestingly the same whale category has been trimming its balances in the last few days.category was slowing down its pace of outflows.
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