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Litecoin Surges 17% as Wales Accumulate on Spot ETF Hopes
Price of Litecoin Soars
The price of Litecoin soared by double-digits in the past 24 hours to reach a four-week high of $118, as optimism brews around the potential approval of a Litecoin-based exchange-traded fund.
Regulatory Engagement
Litecoin’s surge followed Canary Capital’s amendment to its S-1 registration form with the U.S. Securities and Exchange Commission (SEC) on January 15, a move analysts interpret as a major step toward regulatory engagement.
Such amendments often indicate feedback has been received from regulators, and the changes made can provide clues about the status of the review.
ETF Proposal
If the SEC gives Canary’s ETF proposal the green light, Litecoin would join Bitcoin and Ethereum as the only cryptocurrencies with U.S.-approved spot ETFs.
SEC Leadership Transition
On Wednesday, Bloomberg ETF analysts Eric Balchunas and James Seyffart, with Balchunas pointing to “chatter that the Litecoin S-1 had gotten comments back from SEC,” arguing that it “bodes well” for predictions that Litecoin is likely to be the next crypto approved for a spot ETF.
Seyffart noted while the filing indicates “engagement” from the SEC, it will require a 19b-4 submission—a regulatory filing that formally starts the clock for approval or denial—to advance the process.
Blockchain Analytics
Blockchain analytics firm Santiment noted increased activity among large Litecoin holders, with “whales” and “sharks” accumulating approximately 250,000 LTC worth $29 million since January 9.
Competition among Altcoins
Competition among altcoins to secure the next U.S. spot crypto ETF is heating up, with firms including Bitwise and VanEck already having filed 19b-4 forms for Solana ETFs—giving them a procedural edge.
JPMorgan Analysts
Analysts at JPMorgan predict significant inflows to approved crypto ETFs, estimating that Solana and XRP ETFs could collectively attract $14 billion in their first year.
Conclusion
The surge in Litecoin’s price and the recent amendment to Canary Capital’s S-1 registration form with the SEC suggest that regulatory engagement is underway. If approved, Litecoin would join a select group of cryptocurrencies with U.S.-approved spot ETFs. The competition among altcoins to secure the next U.S. spot crypto ETF is heating up, with firms including Bitwise and VanEck already having filed 19b-4 forms for Solana ETFs.
FAQs
Q: What is the current price of Litecoin?
A: At the time of publication, Litecoin is trading at around $117, up 15.1% on the day, per data from CoinGecko.
Q: What is the significance of Canary Capital’s amendment to its S-1 registration form?
A: The amendment suggests that regulatory engagement is underway and provides clues about the status of the review.
Q: What is the expected outcome of the SEC’s review of Canary’s ETF proposal?
A: If approved, Litecoin would join a select group of cryptocurrencies with U.S.-approved spot ETFs.
Q: What is the current competition among altcoins to secure the next U.S. spot crypto ETF?
A: Firms including Bitwise and VanEck have already filed 19b-4 forms for Solana ETFs, giving them a procedural edge.
Q: What is the estimated inflow to approved crypto ETFs in the first year?
A: Analysts at JPMorgan predict significant inflows to approved crypto ETFs, estimating that Solana and XRP ETFs could collectively attract $14 billion in their first year.
