Litecoin price rebounds 5% as ETF assets double to $14M
Canary's LTCC alone brought in $581K on the 19th.
Litecoin [LTC] ETFs spent most of the year getting the odd visitor or two. Lately, there’s been many more.
Is this the start of something, or just a good few weeks? Let’s look.
Litecoin ETF assets have doubled to $14 million
For most of the year, Litecoin ETFs were fairly quiet.
SoSoValue data showed a few big days early on, like the roughly $2 million that came in around mid-January. After that, it was mostly scattered. A small inflow here, a small outflow there, with weeks of nothing in between.
Total net assets drifted between about $5 million and $7 million for months.
Then, late September changed things.
Inflows landed almost every day; the biggest one came close to $1.4 million. That’s the most consistent run these funds have had since they launched.
Total net assets shot up to around $15 million at the peak. While it has fallen since, they’re 2x where they were in the summer.
Notably, after a few flat days, Canary’s Litecoin ETF [LTCC] saw $581,140 in inflows on the 19th.
There could be more company soon. Grayscale has also been pursuing the conversion of its existing Litecoin Trust into an exchange-traded fund, although the process has yet to be completed.
Litecoin price punches up, futures traders lean long
LTC got a nice push on the 20th, going up about 5% in a day. At the time of writing, it was at $61.35.
While a step below the late-September high of $75, it’s still a decent climb from mid-October slip down to $57.
RSI was near neutral, at 47.6 during press time. MACD was negative, though the red bars are evidently shrinking. A crossover isn’t a far off possibility.
Futures traders seem to be on board. Open Interest [OI] dropped to about $213 million on the 18th, then went back to $229 million. Funding was also positive at 0.0058%.
Getting back above $65 would help.
Final Summary
- Litecoin ETF assets doubled to about $14 million after a late-September inflow run.
- Litecoin price jumped about 5%, futures funding also looks positive.
