Litecoin founder Charlie Lee lately spoke about enthusiasm for the ETF utility, particularly concerning rising institutional curiosity in Litecoin and potential approval.
He additionally identified the significance of the demand, mirrored by the greater than day by day 2% progress of the Grayscale Litecoin Trust, which is presently buying and selling at greater than double its NAV.
He added comparisons with Litecoin’s peer-to-peer transactional similarities with Bitcoin, saying the chance of the Litecoin ETF approval anytime quickly is excessive.
Litecoin Founder Charlie Lee Says ETF Approval Coming Soon
Litecoin founder Charlie Lee lately expressed delight over Canary Capital’s latest submitting for a Litecoin ETF as a result of this indicated that the cryptocurrency was discovering curiosity amongst each institutional and retail traders.
🚨NEW: Litecoin founder @SatoshiLite gave this assertion to @FoxBusiness concerning @CanaryFunds latest submitting for a $LTC ETF:
“I’m excited to see the Litecoin ETF submitting by Canary Capital. We are positively seeing a variety of institutional demand for Litecoin. This is evident from… https://t.co/CS7kg2Cn2g
— Eleanor Terrett (@EleanorTerrett) October 21, 2024
Sounding assured, he projected that permission for the LTC ETF wouldn’t take a lot time as a result of crypto ETF merchandise had been gathering tempo available in the market. If this occurs, some market consultants predict the Litecoin price will jump to $400 and greater than $1,100 by 2026.
At the identical time, market sentiment displays the rising demand for Litecoin, which can additionally serve to justify the approval of this ETF. This curiosity follows a wider development of institutional adoption of cryptocurrencies, underlining the altering dynamics throughout the digital asset panorama.
With the latest approval of Bitcoin and Ethereum ETFs by the SEC, the door is lastly open for spot ETF purposes to be accredited for different cryptocurrencies, together with Solana’s SOL, XRP, and Litecoin LTC.
Of course, one of many massive surprises final week was Canary Capital’s utility for a Litecoin ETF alongside its XRP request. Litecoin is up 6% weekly on the time of writing, buying and selling at $70.88.
Rollercoaster Ride: ETF Filing Fuels Volatility
The Litecoin founder pointed to the rising curiosity in Litecoin, utilizing the rising worth of Grayscale’s Litecoin Trust as proof that this institutional demand is on the rise. He stated the belief was buying and selling at greater than double its web asset worth, NAV, which was an indication of wonderful market curiosity within the cryptocurrency.
He lastly added that Litecoin shares a lot in frequent with Bitcoin in lots of elements since each are commodities. This optimism aligns with the broader development of accelerating institutional involvement in cryptocurrency.
In the wake of the most recent submitting, the LTC price elevated considerably, reaching a month-to-month excessive of $75.88 and recovering from a low of $62.12. However, the uncertainty related to the approval, together with normal volatility available in the market, has positioned the Litecoin value at $71.44, a drop of 5.04%.
Canary Capital Files for Litecoin ETF, Following XRP Filing
At the time, James Seyffart, an ETF analyst at Bloomberg Intelligence, solely confirmed that Canary, who beforehand filed for an XRP ETF, has now utilized for a Litecoin ETF.
Seyffart agrees with the Litecoin founder but additionally stated that Litecoin is already a member of Europe by means of itemizing exchange-traded merchandise. “Some ETPs already hold Litecoin, such as $LITE in Switzerland from CoinShares and $ELTC in Germany from ETC Group,” Seyffart stated. He additional defined that within the US, the Grayscale Litecoin Trust traded beneath the image LTCN.
This newest ETF submitting may be very totally different as a result of it’s a single ETF specializing in Litecoin, whereas earlier filings have targeted on main cryptocurrencies. Even Eric Balchunas, the senior ETF analyst at Bloomberg, added his voice to this concerning the significance of this submitting. He defined that it’s not simply the primary Litecoin ETF within the U.S. however probably the primary one globally.
“Even 21Shares does not have one at this point,” he said.
This transfer comes hardly every week after Canary Capital filed for an XRP ETF on October 8, gathering large crypto group consideration. Filing for XRP got here after comparable filings by Bitwise, a number one crypto asset supervisor. If accredited, Litecoin founder Lee hopes that each the Litecoin and XRP ETFs will supply new methods for conventional traders to get publicity to the property.
Teuta
Teuta is a seasoned author and editor with over 15 years of expertise in macroeconomics, expertise, and the cryptocurrency and blockchain industries. Starting her profession in 2005 as a life-style author for Cosmopolitan in Croatia, she expanded into masking enterprise and economic system for a number of esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be certainly one of humanity’s most important innovations. Her fintech involvement started in 2014, specializing in crypto, blockchain, NFTs, and Web3. Known for her glorious teamwork and communication abilities, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a ardour for sneakers.
Disclaimer: The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
