Cumberland’s recent deposit of 2 million LIT tokens worth $6.94 million to centralized exchanges created selling pressure, contributing to a 4.5% daily price decline for the Lighter [LIT] token to $3.4. Despite this major market participant activity, on-chain data reveals a different story elsewhere: spot outflows exceeded inflows by a ratio of 23-to-21.93 million dollars, resulting in negative netflows that suggest accumulation. Network activity surged to a monthly high of 17,600 active addresses, with $20 million in USD inflows over 24 hours. While the Stochastic Momentum Index remains in a bullish zone near 64, the failure to form a bearish crossover indicates buyers still control the market, though continued selling could test the $3.1 support level.
Lighter [LIT] faced rejection at $3.79 and dropped to $3.2, marking a major pullback after five consecutive daily closes at higher highs. As of this writing, LIT traded at $3.4 after sliding 4.5% on the daily chart, while trading volume dropped 24% to $122 million.
According to Onchain Lens, Cumberland deposited 2 million LIT worth $6.94 million to OKX and Bybit through four 500,000-token transfers. Large transfers from liquidity providers like Cumberland can attract market attention and may increase potential selling pressure.
Interestingly, while Cumberland sells, other market players are buying. Coinglass data shows LIT saw $23 million in spot outflow compared to $21.93 million in inflows, resulting in spot netflow falling 755% to negative $1.07 million. Negative spot netflow indicates more LIT left exchanges than entered, potentially signaling accumulation.
Lighter’s on-chain activity also increased significantly. According to DeFiLlama, active addresses climbed to a monthly high of 17,600, while new addresses rose to 743. The altcoin saw $20 million in USD inflows over the past 24 hours.
The Stochastic Momentum Index remained in the bullish zone near 64, with the indicator falling while its signal line was rising. However, the indicators had yet to form a bearish crossover, suggesting buyers still maintained control. The ADX DI with SMA indicator further confirms this view.
