ambcrypto.com
4 h
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.
For most of the year, Litecoin ETFs were fairly quiet.
Point your phone camera to install
4.8 based on 40K reviews in the App Store and Google Play
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.
$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.
