Litecoin Rising And Whales Are Behind It: Over 250,000 LTC Scooped

Litecoin price is rallying, and with LTC price surging towards $150, the pump follows reports of whale accumulation and LTC spot ETF application.

The crypto market is firm, with Litecoin

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(surprisingly) leading the charge. While Bitcoin has reclaimed $100,000 and Ethereum is struggling to break through $3,500, Litecoin is firm, rising double digits.

Coingecko data shows that LTC is not only consolidating its position above $115 but also continues to make headlines.

Notably, there is a growing possibility of Litecoin becoming the third coin only after Bitcoin and Ethereum receive approval for a spot exchange-traded fund (ETF) from the stringent United States Securities and Exchange Commission (SEC).

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Whale Accumulation Fuels LTC Price Rally

The LTC price rally is at the back of increasing whale activity over the past week.

On January 16, Santiment data revealed that whales have been doubling, adding 250,000 LTC to their holdings.

(Source)

This engagement from large-scale investors, many known for their long-term holding strategies (“diamond hands”), points to their increasing confidence in the coin.

The last time this happened was in early December 2024. It coincided with a period of sharp price expansion that saw LTC spike to as high as $145.

(LTCUSDT)

Even though prices have since cooled off, buyers have been aggressively defending the $100 level, a crucial support zone that acted as a liquidation level for over two years until November 2024.

Nasdaq Files 19b-4 for Litecoin ETF

Amid the whale involvement, other news reveals that Nasdaq filed a 19b-4 form with the United States Securities and Exchange Commission (SEC) to list and trade the Canary Litecoin ETF.

This filing marks the official commencement of the regulator’s review of the application, which, if it goes through, could result in the launch of the first spot Litecoin ETF in the United States.

Earlier, an amended S-1 form was submitted by Canary Funds, a crucial milestone in the eagerly awaited process.

With the 19b-4 filing and the amended S-1 form submitted, the application has now met two critical requirements for SEC approval.

Now, the market awaits the SEC’s decision.

Eric Balchunas, a senior ETF analyst for Bloomberg, is confident.

In a post on X, he said this filing could precede the approval of the first altcoin ETF of 2025.

“Litecoin ETF now has all the boxes checked. The first altcoin ETF of 2025 is about to be on the clock. I don’t see any reason why this would be withdrawn either given SEC gave comments on the S-1, litecoin is seen as a commodity and there’s a new SEC sheriff in town.”

If it goes through, Litecoin will join Bitcoin and Ethereum as the only coins whose spot ETF shares can freely trade in the United States.

However, given Ethereum’s current market performance, it remains to be seen how LTC price action will evolve.

Why Is Litecoin Striking a Chord With Investors?

Unlike Ethereum, Litecoin, like Bitcoin, has a capped supply and utilizes a proof-of-work consensus algorithm for transaction confirmation.

Like Bitcoin, Litecoin has not received any venture capital (VC) funding and had a fair launch. The growth of Litecoin is driven by a community of developers and enthusiasts, which means there has been no funding allocated for marketing. This gives LTC an advantage over coins that may be classified as securities.

It’s going to be whatever it is at this point.
I don’t have millions of dollars for PR or marketing. If the CEO’s of those other chains go to the bathroom it gets covered.

But, I’ve gotten this far on a fair launch, zero VC’s, and hardly any exposure. Bring it on, beaches.

— Litecoin (@litecoin) January 14, 2025