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Litecoin (LTC), currently the 19th ranked cryptocurrency, has seen a surge in inflows over the past week. This movement is fueled by the hype surrounding a potential Litecoin exchange-traded fund (ETF).
Litecoin inflow according to CoinShares report
James Butterfill, a senior researcher at CoinShares, published a blog post showing the inflows into digital assets over the past week. Specifically, digital asset investment products saw inflows of $901 over the past week. LTC was the top performer, attracting $1.8 million in weekly inflows.
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Total inflows this month and this year are $4.5 million and $43 million, respectively. As a result, total assets under management (AUM) increased to $151 million. Litecoin’s weekly performance was remarkable, recording the fourth largest inflow after Solana.
The recent surge in Litecoin inflows is likely related to expectations for ETF funds. According to a report from U.Today, Canary Capital has filed for S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a Litecoin ETF. If approved, the ETF will provide retail and institutional investors with direct exposure to Litecoin.
After the filing was announced, LTC prices rose 7.5% in 24 hours. Litecoin’s price continued to rise as the cryptocurrency market recovered. As of this writing, LTC is trading at $70.13, up 1.02% in the past 24 hours.
Litecoin hits trading milestone
Litecoin continues to rise and has reached an important trading milestone. Notably, digital assets are now the largest option used for payments among cryptocurrency participants. Litecoin had the highest average number of transactions within the past six months among other top cryptocurrencies. Bitcoin follows closely, followed by Ethereum (ETH) and Binance Cash (BCH).
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Litecoin’s recent achievements indicate a thriving community and optimism for the future in the crypto sector. Therefore, if the LTC ETF is approved in the US, the coin could rise.
