Litecoin (LTC) Daily Transactions Hit $9.6B as Proposed ETFs Make Moves to List in the US

Litecoin had around $2.8 billion in daily transaction volume in late August so current levels represent a surge of 243% in five months.

Exchange-traded fund issuers are making moves to list their proposed Litecoin (LTC) ETFs in the United States, and the latest data from Santiment shows that daily transactions on the Litecoin network have hit $9.6 billion.

For comparison, Litecoin had around $2.8 billion in daily transaction volume in late August, meaning current levels represent a surge of 243% in five months. Notably, LTC prices have also doubled since early November, outpacing the broader crypto market, which has seen gains of 42% over the same period.

“There is clear growing excitement around a potential Litecoin ETF, 13 months after Bitcoin’s first ETFs were approved by the SEC,” said Santiment.

The Securities and Exchange Commission posted an acknowledgment for a rule change to list the CoinShares spot Litecoin ETF on the Nasdaq on Feb. 19.

Meanwhile, a listing of Canary Capital’s Litecoin ETF was spotted on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC on Feb. 20.

The DTCC is a key part of global financial markets and processes trillions of dollars in securities transactions each day, explained the Litecoin Foundation, which added, “It’s a key preparatory step for the fund’s potential launch.”

Bloomberg ETF analyst Eric Balchunas cautioned that it doesn’t mean the product is approved or ready to start trading, “but it does show the issuer is making preparations for when it is.” He added that the analysts’ odds for approval this year were still at 90%.

LTC prices spiked around 8.5% in response to the DTCC listing, climbing from an intraday low of $127 to $138 before a slight pullback on Feb. 21.

The asset has risen almost 30% over the past fortnight, outperforming Bitcoin by a significant margin.