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The US Securities and Exchange Commission (SEC) may contemplate the approval of spot Litecoin ETFs under the new leadership of the regulator.
According to Eric Balchunas and James Seyffart, two ETF analysts at Bloomberg Intelligence, the regulator might be engaging with the Litecoin (LTC) exchange-traded fund (ETF) application.
“Canary Funds has just submitted an amended S-1 for their Litecoin ETF application,” Seyffart posted on X. “No guarantees — but this could indicate SEC engagement with the application.”
NEW: @CanaryFunds has just filed an amended S-1 for their Litecoin ETF application. No guarantees — but this could indicate SEC engagement with the application. Still no 19b-4 filing yet though
(A 19b-4 would actually initiate the potential approval/denial timeline) h/t @isabelletanlee pic.twitter.com/wFtNOmbmYx— James Seyffart (@JSeyff) January 15, 2025
This week, Nasdaq and crypto investment firm Canary Capital Group submitted new documents to the SEC. As a result, the regulator is required to either approve or reject the crypto products this year.
“The Litecoin ETF now has all the necessary criteria met,” Balchunas remarked. He noted that there are chances that the first altcoin ETF of 2025 “is about to be on the clock.”
If approved, this move would signal a potential expansion of the crypto ETF landscape beyond Bitcoin and Ethereum.
Furthermore, the S-1 registration statement indicated that the proposed ETF would hold actual Litecoin rather than futures contracts. Coinbase Custody Trust Company and BitGo Trust Company would serve as custodians, it mentioned.
Litecoin Rallies Over 18% in 24 Hours
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According to CoinMarketCap data, the altcoin has demonstrated strong performance over the past day and week. The token’s trading volume surged by over 250% in just the past day.
The rising gains have been attributed to excitement surrounding the ETF filings. This speculation has triggered significant buying activity from both institutional and retail investors.
At the time of writing, Litecoin was trading at $136, reflecting an 18% increase over the past day. Additionally, the token’s trading volumes have skyrocketed more than 250% to $1.83 billion.
Caption: CoinMarketCap
Moreover, on-chain data from Santiment indicates that large investors – whales and sharks – have been actively accumulating Litecoin.
“Just as we observed in early December, the primary driver appears to be whales and sharks holding at least 10K+ $LTC.”
Litecoin has decoupled from other altcoins, rising +16.1% in market cap in just the last 11 hours. Just as we observed in early December, the primary driver appears to be whales and sharks holding at least 10K+ $LTC. They’ve accumulated 250K coins since Jan. 9.
pic.twitter.com/zCmu7tGKJl
— Santiment (@santimentfeed) January 15, 2025
pic.twitter.com/zCmu7tGKJlThese whales have increased their holdings by 250,000 coins since January 9, Santiment noted.
The post Litecoin Positioned to Become Third US Spot Crypto ETF: Report appeared first on Cryptonews.
