Litecoin (LTC), currently ranked the 19th-largest cryptocurrency, has experienced surging inflows in the past week. This move is fueled by hype surrounding a potential Litecoin Exchange-Traded Fund (ETF).
Litecoin inflows, per CoinShares report
James Butterfill, a senior researcher at CoinShares, released a blog post showing inflows into digital assets in the past week. Notably, digital asset investment products saw inflows of $901 in the past week. LTC was a top performer, attracting weekly inflows of $1.8 million.
Total inflows for the month and this year total $4.5 and $43 million, respectively. As a result, the total assets under management (AUM) rose to $151 million. Litecoin’s weekly performance is notable, as it saw the fourth-largest inflows, following behind Solana.
The recent surge in Litecoin’s inflows is likely connected to expectations of an ETF fund. According to a U.Today report, Canary Capital filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a Litecoin ETF. The ETF will offer retail and institutional investors direct exposure to Litecoin if approved.
Following the filing announcement, LTC’s price increased by 7.5% in 24 hours. Litecoin’s price continued to rise as the crypto market rallied. As of this writing, LTC is trading at $70.13, up 1.02% in the past 24 hours.
Litecoin hits transaction milestone
Litecoin has continued on its bullish tear, hitting a key transaction milestone. Notably, digital assets are now the top choice among crypto participants for payments. Litecoin has had the highest average transaction count within the last six months among other top cryptocurrencies. Bitcoin comes closely behind, followed by Ethereum (ETH) and Binance Cash (BCH).
Litecoin’s recent achievements demonstrate a thriving community and optimism for its future in the crypto sector. Thus, approving an LTC ETF in the U.S. could cause the coin to climb higher.