Large amounts of Litecoin have been deposited to exchanges by whale entities in the past day, which could indicate a bearish trend for the cryptocurrency. Whale Alert, a cryptocurrency transaction tracker service, reported four large transfers on the LTC blockchain, with the largest involving the movement of 500,000 LTC worth around $46 million.

These transactions may have been made for selling-related purposes, which could have a negative impact on the price of Litecoin. The total net inflows of $53.2 million in the last 24 hours could create significant selling pressure in the market for the cryptocurrency.