Over the last week, Litecoin (LTC), the 19th-largest cryptocurrency, has seen a sharp increase in inflows. The excitement over a possible Litecoin Exchange-Traded Fund (ETF) is driving this action.
Litecoin inflows, per CoinShares report
A blog post by James Butterfill, a senior researcher at CoinShares, revealed inflows into digital assets throughout the previous week. In the last week, there was a notable $901 influx into digital asset investment products. With $1.8 million in weekly inflows, LTC was a top performer.
The overall inflows for this year and the month are $43 million and $4.5 million, respectively. The total assets under management (AUM) increased to $151 million as a consequence. After Solana, Litecoin got the fourth-largest inflows, making its weekly performance noteworthy.
Expectations for an ETF fund are probably linked to the current spike in Litecoin inflows. In order to introduce a Litecoin ETF, Canary Capital submitted an S-1 registration to the U.S. Securities and Exchange Commission (SEC), according to a U.Today article. If authorised, the ETF will provide institutional and ordinary investors with direct exposure to Litecoin.
Within 24 hours of the filing notification, LTC’s price rose by 7.5%. As the cryptocurrency market rebounded, the price of Litecoin kept rising. LTC is now trading at $70.13, up 1.02% over the previous day.
Litecoin hits transaction milestone
Litecoin has reached a significant transaction milestone and is still on its bullish run. Notably, among cryptocurrency participants, digital assets are currently the most popular option for payments. Among the leading cryptocurrencies, Litecoin has seen the most average transactions during the past six months. Next in line are Bitcoin, Ethereum (ETH), and Binance Cash (BCH).
Recent successes for Litecoin show a vibrant community and hope for the cryptocurrency’s future. Therefore, the coin may increase if an LTC ETF is approved in the US.
