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Bitcoin Bleeds $704M in ETF Outflows as Institutional Exodus Accelerates 
Canary Capital has officially filed to launch a Litecoin ETF, positioning the veteran cryptocurrency alongside XRP in the quest for ETF approval. The filing underscores Litecoin's long-standing security and reliability amid a volatile market.
Canary Capital Files for Litecoin ETF
Canary Capital, an investment business specializing in cryptocurrencies, has submitted paperwork to establish a Litecoin ETF in the United States.
Investors will be able to gain direct access to the original cryptocurrency using this offering.
Volatility and Regulatory Concerns
Digital assets are mostly unregulated and subject to high levels of volatility, two of the risk factors mentioned in the file.
Even though it debuted in 2011, Litecoin is still one of the oldest blockchain networks, according to Canary Capital, and it has "a proven track record of security and reliability."
Litecoin’s Surprising Transaction Surge
Litecoin celebrated its thirteenth anniversary earlier this month. Although it did not garner much attention, the cryptocurrency has had its highest amount of transactions to date (77 million and counting) in 2024. This early alternative cryptocurrency sometimes called the "silver" to Bitcoin's "gold," is still one of BitPay's most popular payment methods.
Litecoin's Declining Market Position
Nevertheless, LTC has fallen from its previous position as a top 10 cryptocurrency to a lowly 27th on CoinGecko. It will be listed underneath Uniswap (UNI) and Sui (SUI), among others. This altcoin is worth $5.1 billion.
Institutional Demand for Litecoin ETF Expected
As reported by U.Today, the investment firm has high hopes for the potential demand from institutions for the proposed ETF product.
This follows Canary Capita's recent filing to introduce an XRP ETF. For this product, it filed Form S-1. The first cryptocurrency index fund manager to apply for an XRP ETF was Bitwise.
SEC Approval Still Unlikely
Bitcoin and Ethereum exchange-traded funds have already been approved by the SEC. Unfortunately, we shouldn't expect these items to receive approval from the government anytime soon. Many large financial institutions, like BlackRock, have already said they will not be looking at alternative cryptocurrency exchange-traded funds.
