$LIT 📈 Why LIT’s $3 target faces THIS test despite institutional demand
LIT’s institutional positioning strengthened, but positive spot netflows could challenge its developing breakout structure.
Lighter’s [LIT] institutional activity continued to grow, with one institution depositing 3.35 million LIT valued at about $7.83 million into Lighter.
According to Onchain Lens, the institution had withdrawn most of those holdings from centralized exchanges during the previous week. In particular, the institution removed 2.92 million LIT from OKX and another 468,620 LIT from Bitstamp.
Consequently, the movements reduced the institution’s exchange-held supply before its heavy Lighter deposit. The transaction, however, did not necessarily indicate a firming up of overall market demand. To sustain a recovery, spot buyers and general trader involvement were needed.
LIT’s institutional positioning strengthened, but positive spot netflows could challenge its developing breakout structure.
Lighter’s [LIT] institutional activity continued to grow, with one institution depositing 3.35 million LIT valued at about $7.83 million into Lighter.
According to Onchain Lens, the institution had withdrawn most of those holdings from centralized exchanges during the previous week. In particular, the institution removed 2.92 million LIT from OKX and another 468,620 LIT from Bitstamp.
Consequently, the movements reduced the institution’s exchange-held supply before its heavy Lighter deposit. The transaction, however, did not necessarily indicate a firming up of overall market demand. To sustain a recovery, spot buyers and general trader involvement were needed.