Canary Capital’s spot, Litecoin ETF, has been listed on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC. The listing creates the requisite trading framework for the fund while waiting on approval from the U.S Securities Exchange Commission. DTCC also facilitates the clearing and settlement of securities transactions in the U.S., and accordingly, its listing is rather a preparatory step. DTCC listing does not mean that the security has sought approval from the SEC; however, it will enable the market players to expect considerable trading. Canary Capital first applied for a Litecoin ETF in October 2024. Other firms like Grayscale and CoinShares have also filed similar applications to the one submitted to the SEC. However, Canary’s filing is still likely to be the first decision made by the SEC on its filing. Favorable Outlook for Litecoin ETFs Bloomberg ETF analysts Eric Balchunas and James Seyffart also believe that the chance of a Litecoin ETF’s approval is rather high. They pointed out that Litecoin is compliant with some regulatory criteria, given that Litecoin is already recognized as a commodity by the Commodity Futures Trading Commission (CFTC). This classification enhances the ETF’s argument in relation to other applications for funds of other digital assets with legal ambiguity. As we reported on Wednesday, the SEC confirmed a separate filing of the Nasdaq exchange to list a Litecoin ETF by CoinShares. The agency is now seeking public comments on the Nasdaq rule changes, which is in line with the regulation’s approval process. The rise in demand for Litecoin ETFs may be attributed to a common phenomenon of growing institutional investment in cryptocurrencies. A spot Litecoin ETF means traditional investors can invest in this digital currency without having to deal with direct custody or on-chain transactions. Litecoin’s price has surged over 100% since the first ETF filing was submitted to the SEC. According to CoinGecko data, the asset is currently trading around $130, reflecting a 2% gain in the past hour. Since the first ETF filing was submitted to the SEC, Litecoin’s price has increased by more than 100%. According to CoinGecko, the asset is hovering at $130 and has risen 2% in the last hour. Pundits are expecting a major boost in the ETF if the SEC ratifies the decision. Market analyst Crypto Surf has supported Litecoin in reaching $5,000 in the current cycle based on the symmetrical triangle breakout from the six-month chart. Such a transition would mean an increase of its market capitalization by almost 40 times, raising it to $ 377 billion based on the circulating supply. Source: TradingView Another crypto analyst, Professor Moriarty, noted that Litecoin has created a bull flag on the daily chart and broken out from a key resistance level. If the asset stays above this line, $218 could be the next level that might be achieved. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
