Litecoin [LTC] is currently experiencing a downward trend, with a price of $127.97 following a minor decrease of 0.46% in the last 24 hours, as per data from CoinMarketCap.
Despite this decline, market sentiment remains positive as Litecoin whales have engaged in a substantial buying spree, sparking speculation and optimism.
Accumulation of 1 million LTC
Notably, well-known crypto analyst Ali Martinez revealed that close to 1 million LTC tokens have been amassed in the previous two weeks, indicating a possible bullish trend on the horizon.
Interestingly, this aligns with recent progress regarding the LTC ETF by Canary Capital. Its recent listing on the Depository Trust & Clearing Corporation (DTCC) has further boosted investor confidence.
Consequently, this surge in whale accumulation has fostered significant positive sentiment towards Litecoin, underscoring increased buying interest despite the overall market’s fluctuations.
Other Litecoin Developments
According to data from Polymarket, the likelihood of a Litecoin ETF receiving approval by 2025 was positioned at 85%. Additionally, Bloomberg ETF analyst Eric Balchunas raised the approval odds to 90%.
Nonetheless, he clarified that while the DTCC listing indicates readiness for a potential launch, it does not ensure regulatory endorsement.
That said, with these high probabilities, Litecoin is now on the list alongside altcoins such as Solana [SOL], Dogecoin [DOGE], and Cardano [ADA], all anticipating ETF approval in 2025.
This pattern implies that 2025 might witness a surge in altcoin ETFs, potentially reshaping the market dynamics and offering more avenues for individuals to engage with crypto assets.