Litecoin News: Founder Charlie Lee Weighs In on Canary Funds’ LTC ETF Filing

• Founder Charlie Lee anticipates that the approval of the Litecoin ETF could come as early as 2025, thereby pushing the LTC price to $200 and above.
• In response to the ETF application, Litecoin’s price surged over 8% weekly, maintaining critical support at around $70 despite market corrections.

Litecoin has been recently much in the news following Canary Capital applying for a spot Litecoin ETF in the market. In a recent development, Litecoin founder Charlie Lee spoke on the enthusiasm surrounding the ETF application.

Lee spoke about the growing institutional interest in LTC while pointing out the demand for the ETF product. He added that the Grayscale Litecoin Trust has seen more than 2% growth daily, as the investment product trades at more than double its NAV.

While highlighting the peer-to-peer transactional similarities between Litecoin and Bitcoin, Lee said that it would be too optimistic to believe that a Litecoin ETF is coming soon. Speaking to Fox Business, the Litecoin founder said:

I’m excited to see the Litecoin ETF filing by Canary Capital. We are definitely seeing a lot of institutional demand for Litecoin. This is clear from the daily growth of the Grayscale Litecoin Trust with a price that is over twice the NAV. Given that Litecoin is a commodity that is very similar to Bitcoin, I hope to see the Litecoin ETF approved very soon.

Optimism Surrounding Spot Litecoin ETF

Following Canary Capital’s application for a Litecoin ETF, LTC founder Charlie Lee expressed optimism viewing it as a growing interest in the digital asset among both institutional and retail investors.

Lee confidently suggested that the approval of the Litecoin ETF might arrive in 2025 considering the growing momentum for crypto ETF products in the market. If approved, some market analysts believe that the LTC price could soar to $400 and potentially exceed $1,100 by 2026.

The rising demand for LTC, reflecting broader institutional adoption of cryptocurrencies, further supports the case for ETF approval. Following the SEC’s recent approval of Bitcoin and Ethereum ETFs, there is now optimism for spot ETF applications for other cryptocurrencies like Solana’s SOL, XRP, and Litecoin LTC.

Following the development around the ETF launch, the Litecoin (LTC) price surged over 8% on the weekly chart. Despite the broader market correction, the LTC price has been holding the crucial support level of $70. However, the daily trading volumes have surged by 40% to $427 million.

LTC Price Breakout

Following the ETF application by Canary Capital, the LTC price gave its first breakout above $73 since July, per the CNF report. However, that continues to remain the point of major resistance which LTC bulls first need to break through to set the stage for a rally to $100.

Despite its recent underperformance, analysts believe that the potential ETF could serve as a catalyst for future growth in the price of Litecoi, with long-term targets of $200-$300, per the CNF report.