LTC News: Litecoin Sees $30 Million Whale Buy-in Amid Spot ETF Anticipation

Litecoin (LTC) has witnessed a significant surge in buying pressure, driven by growing anticipation of a potential Litecoin spot exchange-traded fund (ETF). According to Santiment, large investors holding more than 10,000 LTC have acquired 250,000 coins worth $30 million since January 9, bringing their total holdings to 49 million LTC.

Litecoin (LTC) Sees $30 Million Whale Buy-in on Spot ETF Anticipation

Litecoin (LTC) has experienced a significant surge in buying pressure, coinciding with growing anticipation surrounding the potential launch of a Litecoin spot exchange-traded fund (ETF). According to Santiment, since January 9, Litecoin’s large investors, who hold more than 10,000 LTC, have acquired 250,000 coins valued at $30 million at current market prices. This brings the group’s total holdings to 49 million LTC, its highest in the past 30 days. This whale accumulation has triggered a rally in LTC’s value, with the altcoin trading at $117.55 at press time, noting a 15% uptick in the past seven days. When whales increase their coin accumulation, it signals confidence in the asset’s future performance, reducing circulating supply and creating upward price pressure, which often influences smaller investors.

Litecoin surges past $118 – What’s driving LTC ahead?

Litecoin (LTC) has surged past the $118 mark, driven by significant whale accumulation and growing institutional interest. Over six days, whales accumulated 250,000 LTC, bringing total holdings to 48.89 million, marking the largest sustained buying spree since December. This movement coincides with CanaryFunds’ amended S-1 ETF filing, which has sparked Optimism about potential regulatory engagement and increased institutional exposure to Litecoin. The filing, although lacking SEC’s 19b-4 approval, suggests a reshaping of LTC’s market dynamics.

CanaryFunds’ amended S-1 filing coincides with LTC’s 16.1% market cap jump

CanaryFunds’ amended S-1 filing for a Litecoin ETF has coincided with a 16.1% jump in Litecoin’s market cap and a breakthrough above $118. This filing has rekindled hope for institutional exposure to Litecoin, despite the lack of SEC’s 19b-4 approval. The optimism surrounding the ETF filing is contributing to the positive momentum in LTC’s price and market dynamics.