Litecoin Founder Comments On ETF Approval Following Canary Capital Filing

Litecoin founder Charlie Lee not too long ago 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 every day 2% development of the Grayscale Litecoin Belief, 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 Quickly

Litecoin founder Charlie Lee not too long ago expressed delight over Canary Capital’s current submitting for a Litecoin ETF as a result of this indicated that the cryptocurrency was discovering curiosity amongst each institutional and retail buyers.

🚨NEW: Litecoin founder @SatoshiLite gave this assertion to @FoxBusiness concerning @CanaryFunds current submitting for a $LTC ETF:

“I am excited to see the Litecoin ETF submitting by Canary Capital. We’re undoubtedly seeing loads of institutional demand for Litecoin. That is clear 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 have been gathering tempo out there. If this occurs, some market consultants predict the Litecoin price will jump to $400 and greater than $1,100 by 2026.

On 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 pattern of institutional adoption of cryptocurrencies, underlining the altering dynamics throughout the digital asset panorama.

With the current approval of Bitcoin and Ethereum ETFs by the SEC, the door is lastly open for spot ETF purposes to be permitted for different cryptocurrencies, together with Solana’s SOL, XRP, and Litecoin LTC.

After all, one of many large 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 Journey: ETF Submitting Fuels Volatility

The Litecoin founder pointed to the rising curiosity in Litecoin, utilizing the rising worth of Grayscale’s Litecoin Belief as proof that this institutional demand is on the rise. He mentioned the belief was buying and selling at greater than double its internet asset worth, NAV, which was an indication of wonderful market curiosity within the cryptocurrency.

He lastly added that Litecoin shares a lot in widespread with Bitcoin in lots of elements since each are commodities. This optimism aligns with the broader pattern of accelerating institutional involvement in cryptocurrency.

Within the wake of the newest submitting, the LTC price elevated considerably, reaching a month-to-month excessive of $75.88 and recovering from a low of $62.12. Nonetheless, the uncertainty related to the approval, together with common volatility out there, has positioned the Litecoin value at $71.44, a drop of 5.04%.

Canary Capital Recordsdata for Litecoin ETF, Following XRP Submitting

On 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 in addition mentioned that Litecoin is already a member of Europe by means of itemizing exchange-traded merchandise. “Some ETPs already maintain Litecoin, equivalent to $LITE in Switzerland from CoinShares and $ELTC in Germany from ETC Group,” Seyffart mentioned. He additional defined that within the US, the Grayscale Litecoin Belief traded below the image LTCN.

This newest ETF submitting may be very completely 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 doesn’t have one at this level,” he acknowledged.

This transfer comes hardly per week after Canary Capital filed for an XRP ETF on October 8, gathering large crypto group consideration. Submitting for XRP got here after related filings by Bitwise, a number one crypto asset supervisor. If permitted, Litecoin founder Lee hopes that each the Litecoin and XRP ETFs will supply new methods for conventional buyers to get publicity to the belongings.