LIT Price Faces Test Despite Institutional Demand
Lighter's (LIT) price has been affected by recent institutional activity and spot inflows. According to CoinGlass, one institution deposited 3.35 million LIT valued at $7.83 million into Lighter, but most of these holdings were withdrawn from centralized exchanges beforehand. This movement reduced the institution's exchange-held supply before its heavy deposit.
The positive spot netflows turned around $609.78K as of press time, indicating more inflows than withdrawals during the measurement period. However, this added selling pressure against the bullish scenario, creating some selling opportunities.
Binance traders are leaning heavily long, with top traders showing a 70.1% long position and 29.9% short position. This high level of long exposure complements institutional activity by showing whales' expectations for higher prices.