Spot Crypto ETFs: Litecoin Likely Next In Line For SEC Nod
Spot Crypto ETFs: Litecoin Likely Next In Line For SEC Nod As rumors of the possible approval of Litecoin ETF widely spread, LTC price jumped by 18% over 24 hours to $118. Launched as an alternative for Bitcoin in 2011, the cryptocurrency draws much interest among analysts and investors alike. Canary Capital has made a significant step forward in its quest for a Litecoin ETF. The company recently filed an amendment to its S-1 registration form with the US Securities and Exchange Commission, a move that industry experts interpret as a sign of ongoing discussions with the regulatory body. For market watchers and crypto aficionados alike, this development has spurred a great ounce of optimism. Considered as a good indication of possible approval, the revised filing indicates that the SEC has responded on Canary’s application. Analysts Comment On Litecoin ETF Approval Prospects Senior ETF analyst Eric Balchunas of Bloomberg has publicly expressed his opinion that the “most likely” contender for the next spot crypto ETF approval is a Litecoin ETF. This prediction has gained traction in the crypto community. Balchunas does, however, also recognize the uncertainties the forthcoming shift in SEC leadership brings. Though the date of his Senate confirmation is yet unknown, the choice of former SEC commissioner Paul Atkins—considered crypto-friendly—by President-elect Donald Trump has spurred hope even further. We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved. All that said, new SEC chair has yet to start and that’s a huge variable. https://t.co/cKFswPwcr0 — Eric Balchunas (@EricBalchunas) January 15, 2025 James Seyffart, another Bloomberg ETF expert, said that the change could mean that the SEC has given feedback on the application. NEW: @CanaryFunds just filed an amended S-1 for their Litecoin ETF filing. No guarantees — but this might be indicative of SEC engagement on the filing. Still no 19b-4 filing yet though (A 19b-4 would actually start the potential approval/denial clock) h/t @isabelletanlee pic.twitter.com/wFtNOmbmYx — James Seyffart (@JSeyff) January 15, 2025 Investor Activity & Market Reaction A Litecoin ETF promises to set off a major market reaction. Large holders of Litecoin have been accumulating the cryptocurrency, with addresses holding at least 10,000 LTC collectively acquiring an additional 250,000 LTC since January 9. LTC market cap currently at $8.8 billion. Chart: TradingView.comThis trend of buying more Litecoin is similar to what happened in early December. It shows that big traders are having a strong effect on Litecoin’s price trajectory. The trading activity has also increased sharply, with Litecoin’s 24-hour volume jumping over 240%, reaching $1.7 billion. Implications For The Crypto Market If approved, a Litecoin ETF would represent a big milestone for the digital currency. Litecoin would then join Bitcoin and Ethereum as the only cryptocurrencies with US-approved spot ETFs, strengthening its market position. Featured image from DALL-E, chart from TradingView Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.