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Donald Trump Makes Another Pro-Crypto Appointment With New FBI Director Kash Patel a Bitcoiner

Elendu Benedict
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Donald Trump Makes Another Pro-Crypto Appointment With New FBI Director Kash Patel a Bitcoiner

US President Donald Trump’s latest appointment, Kash Patel, is pro-crypto, with a recent filing disclosing he holds Bitcoin and crypto stocks.

The United States Senate confirmed Kash Patel’s appointment as the new director of the Federal Bureau of Investigation (FBI) under the Trump administration. The office would oversee the agency’s affairs, known for settling high-ranking criminal cases.

Meanwhile, a sneak peek at the new executive has revealed an interesting detail: he is pro-crypto. The latest financial exposition highlights his exposure to Bitcoin, the pioneering cryptocurrency.

Patel Holds Bitcoin

A full disclosure of Patel’s financial assets shows that he holds $115,000 in Bitcoin through the US spot exchange-traded fund (ETF) and owns $250,000 worth of stocks in Core Scientific, a prominent crypto miner.

He also holds $5 million in EliteGroup, $250,000 in NVIDIA, and $250,000 in VK Integral Services, among others, in his well-diversified portfolio.

The revelation reinstates Trump’s glaring choice of crypto-friendly executives, a disposition noticed in his many appointments. For context, he appointed Dogecoin lover Elon Musk and pro-Bitcoin individuals Robert F. Kennedy, Howard Lutnick, and Scott Bessent to fill his cabinet.

Recall that the president promised to make America a Bitcoin stronghold. He has already appointed an AI and crypto czar and is forming a crypto advisory council.

Furthermore, Patel’s appointment raised optimism within the crypto community amid growing fraudulent activities from North Korea’s Lazarus Group. Market observers suggested that his crypto knowledge could be crucial in dismantling the campaign of bad actors in the sector.

Patel’s Strong Ties with President Trump

Notably, the US Senate confirmed Patel’s appointment after a slim 51-49 victory. All Democrats and two Republicans voted against his appointment, while others approved the move.

A significant source of skepticism is his strong ties with President Trump. Patel served in the Trump Media and Technologies Group and represented the president in his legal battle with the FBI late last month.

The new FBI director also served as chief of staff to the defense secretary and was a former federal prosecutor. Meanwhile, Patel announced he would step down from most of his engagements to focus on the anti-criminal agency.

Bitcoin Now At $98,611: Will $100K Be the Next Stop?

Albert Brown
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Bitcoin Now At $98,611: Will $100K Be the Next Stop?

With Bitcoin crossing $98,000, can bulls push past resistance to hit a new all-time high?

As the crypto market gradually turns green, Bitcoin is back above $98,000. With a 24-hour surge of 1.14%, the biggest crypto is gradually inching closer towards the $100,000 mark.

While the short-term recovery projects a potential breakout rally, institutional investment continues to decline. Amid the rising outflows from Bitcoin spot ETFs, could this be a dead cat bounce for Bitcoin? Let’s explore.

Bitcoin Breakout Rally Hits 50% Fibonacci Barrier

In the 4-hour price chart, BTC’s price trend shows a channel breakout rally. This bullish breakout follows a reversal from the local support trendline.

Bitcoin price chart

Currently, the rally faces resistance at the 50% Fibonacci level at $98,611. Along with key supply zones near this level, a long-standing descending trendline adds additional bearish pressure.

Due to this opposition, BTC’s price action shows a short-term pullback, with the price down to $98,269. Despite the strong resistance, the overall short-term recovery has shifted the Chaikin Money Flow Index from negative to positive.

With rising inflows, the bullish recovery has increased the breakout chances. Furthermore, the Bollinger Bands are projecting a potential bullish reversal after remaining sideways over the last week.

Rising Leverage Drives The BTC Rally

One of the key drivers behind Bitcoin’s recent pump appears to be the leverage market. A recent tweet by Maartunn, a crypto quant analyst, highlights a surge in Bitcoin open interest. “Leverage-driven pump,” he tweeted.

BTC Open Interest Change 24H
BTC Open Interest Change 24H

The open interest (OI) has risen by $2.4 billion over the past 24 hours, reflecting a 7.2% increase. This surge has pushed open interest back to nearly $35 billion.

The rise in open interest reflects the anticipation among Bitcoin traders for a high-volatility move. However, the trend’s direction cannot be determined solely based on open interest.

Declining Demand in Bitcoin ETFs

Adding to the uncertainty, U.S. Bitcoin spot ETFs saw a net outflow of $364.93 million on February 20. Only two Bitcoin ETFs recorded net inflows.

These were Bitwise with $24.14 million and VanEck with $4.18 million. Surprisingly, the key sellers included BlackRock, which shifted from consistent buying to minor offloading.

BlackRock’s Bitcoin ETF saw $112.05 million in outflows, followed by ARK and 21Shares, which dumped $98.35 million. Fidelity offloaded $88.24 million. Grayscale’s Bitcoin Trust and Mini Bitcoin Trust disposed of nearly $94.62 million.

Despite the short-term decline in Bitcoin ETF demand, the overall trend remains positive. According to a recent tweet by Ki Young Ju, the founder of Cryptoquant, the bull cycle should persist unless significant ETF outflows occur.

Bitcoin Spot ETF Holdings: 30D change
Bitcoin Spot ETF Holdings: 30D change

A prolonged period of net negative demand would be a key trigger, potentially signaling the start of a new bear cycle. As the CEO put it:

“Demand and supply are all that matter. Everything else is just noise.”

Bitcoin Price Targets

With the Cryptoquant CEO staying optimistic about the overall ETF market, the possibility of a breakout rally in Bitcoin’s price remains significant.

According to the Fibonacci levels, a breakout from the immediate resistance at $98,611 will likely propel Bitcoin to the $100,000 mark.

Beyond this, the next crucial resistance lies at the $108,000 supply zone, just above the horizontal level of $107,123. Optimistically, Bitcoin’s next all-time high could be at $112,058, based on the 1.272 Fibonacci level.

On the flip side, key support levels are the 38.2% Fibonacci level at $96,703. Additionally, a potential dip to the broken resistance trendline near the $97,000 mark could offer a post-retest bounce.

Why Bitcoin and Broader Crypto Market Faces Downside Risk According to JPMorgan

Okoya David
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Why Bitcoin and Broader Crypto Market Faces Downside Risk According to JPMorgan

Leading financial services firm JPMorgan asserts that Bitcoin and the broader crypto market faces downside risk in the near term.

Over the past few weeks, Bitcoin and the broader crypto market have failed to establish a clear direction amid macroeconomic concerns like persisting inflation and a potential trade war. According to a recent JPMorgan report, relief may not be coming soon—quite the opposite.

JPMorgan Warns of Downside Risk

Leading financial services firm JPMorgan has asserted that the crypto market faces downside risk in the near term.

JPMorgan analysts disclosed this in a note on Wednesday, February 19, citing weak demand from institutional investors. Specifically, they highlighted that CME Bitcoin and Ethereum futures are approaching a state of “backwardation” when futures prices fall below spot prices due to low demand from weak price expectations. 

The analysts contended that this lack of demand could expose the market to downward pressure in the short term.

JPMorgan noted that the market showed a similar trend in June and July 2024. Within this period, Bitcoin dropped 26% from highs near $72,000 to as low as $53,500.

What’s driving this lack of demand?

No Short-Term Positive Catalysts and “Momentum Decay”

JPMorgan cited two reasons for the weakening crypto demand among institutional investors.

First, the asset manager noted that this class of investors appears to be taking profits amid a lack of short-term positive catalysts, highlighting that pro-crypto initiatives in the U.S. were unlikely to have any market impact till the second half of the year, leaving investors on the fence.

Secondly, the analysts contended that Bitcoin and Ethereum are facing “momentum decay,” citing a decline in the momentum signal of both assets as momentum-driven funds like commodity trading advisors cut their exposure. They noted that the Ethereum momentum signal was already in the negative.

Shiba Inu On-Chain Activity Declines as Shibarium Transaction Volume Plummets 96%

Lele Jima
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Shiba Inu On-Chain Activity Declines as Shibarium Transaction Volume Plummets 96%

The bearish pressure experienced across the broader crypto market has impacted activity on the Shiba Inu blockchain, Shibarium. 

Many investors have sought safety amid massive declines in crypto prices. For instance, Shiba Inu has seen its price crash 17.2% month-to-date (MTD) to $0.00001552. Other Shiba Inu ecosystem tokens, including BONE and LEASH, have also experienced sharp declines in the same timeframe. 

This dip coincides with the bearish trend across the broader crypto market, leading to a drawdown in Shibarium activity, as reflected in its declining transaction volume. 

Transaction Volume Slumps 96% in a Week 

Data from ShibariumScan shows that Shibarium has a daily transaction count of 151,090. This represents a 96.83% decline from the 4.77 million transactions recorded just seven days ago on February 14. 

Shiba Inu Shibarium statistics
Shibarium Daily Transaction Count

According to data, Shibarium’s daily transaction count stayed above the 4 million mark over the past few weeks. However, this changed on February 16, when the network’s transaction volume plunged to 1.72 million from the previous day’s record of 4.64 million. 

While many users expected a quick rebound, it slumped further, hitting a monthly low of 54,640 on February 18. In the meantime, activity on Shibarium is gradually gaining momentum, currently standing at 151,090. However, this is insignificant compared to the 4 million transactions processed daily earlier this month. 

Shibarium Edges Close to Hitting 1 Billion Transactions 

Despite the low activity on Shibarium, the blockchain is approaching a significant milestone of 1 billion transaction count. Specifically, Shibarium has processed 956,465,677 (956.46 million) transactions since its inception in August 2023.  

At the moment, the SHIB blockchain is 43.53 million transactions away from hitting the 1 billion milestone. Achieving this feat will place Shibarium alongside leading blockchains like Ethereum and Solana, which have also processed over 1 billion transactions. 

Meanwhile, since Shibarium’s launch, a total of 35.42 million wallet addresses have interacted with the network. These addresses have initiated over 950 million transactions, producing 9.58 million blocks on the network. Shibarium currently boasts an average block time of 18.99 seconds. 

Also, the number of Shibarium accounts currently stands at 240,573. Of this figure, only 184 are currently active. 

Shibarium statstics
Shibarium statistics

Bitwise CIO Confirms There Is Massive Demand for XRP ETF

Abdulkarim Abdulwahab
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Bitwise CIO Confirms There Is Massive Demand for XRP ETF

The push for an XRP exchange-traded fund (ETF) is gaining momentum as Bitwise Chief Investment Officer Matt Hougan confirms growing investor demand.

In a CNBC interview, Hougan was asked to comment on the demand for an XRP ETF. The host mentioned less demand for Ethereum ETFs than Bitcoin but noted that there is increasing adoption. “What does the outlook look like for an XRP fund,” the host asked.

In response, Hougan stressed that there is a massive demand for a regulated XRP investment product in the U.S. He backed up his view by citing two major factors. 

First, Hougan highlighted that XRP has maintained a strong and dedicated community over the years. Moreover, he pointed out that the asset routinely garners significant trading volume on centralized exchanges.

For context, CoinMarketCap data shows XRP registered a $3.74 billion volume over the past day and $33 billion for the last seven days. The figures exceed $162 billion in the monthly timeframe.

Given this substantial market activity, Hougan remarked:

“I think people would love to find a way to hold XRP in a simple, low-cost, easy-to-use ETP structure.”

SEC is Open to XRP ETFs

The second major factor influencing optimism about an XRP ETF is the shifting regulatory position of the SEC.

Specifically, Hougan pointed out that the U.S. SEC has become more receptive to discussions around new crypto assets under the current administration. This contrasts with the more restrictive approach seen in previous years, particularly when discussing staking or in-kind issues. 

He expressed optimism that the evolving regulatory landscape could lead to the approval of not only XRP ETFs but also other crypto-focused products, including Solana ETFs.

Notably, the SEC has acknowledged six XRP ETF filings, including from Bitwise, Grayscale, and WisdomTree. Grayscale’s XRP ETF has even progressed further, with the SEC entering it into the federal register. This move has opened up an eight-month decision timeline.

Index-based ETF Could Launch by End of 2025

Looking forward, Hougan mentioned his hopeful outlook for an index-based ETF, which he said would be the “killer app” in this space.

“A lot of people want to make a generalized bet on crypto, and I’m hopeful we’ll get that by the end of this year,” he said.

SEC Introduces New Cyber Oversight Unit to Combat Crypto, AI, and Dark Web Fraud

Albert Brown
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SEC Introduces New Cyber Oversight Unit to Combat Crypto, AI, and Dark Web Fraud

The U.S. SEC has introduced the Cyber and Emerging Technologies Unit to strengthen oversight in digital markets and address cyber-related misconduct. 

This development follows leadership changes at the agency after U.S. President Donald Trump appointed Mark Uyeda as acting chair. 

The CETU will focus on protecting retail investors while reinforcing compliance measures for regulated entities. Laura D’Allaird will lead this new unit, which will replace the Crypto Assets and Cyber Unit.

Notably, it will include around 30 fraud specialists and attorneys across multiple SEC offices. The unit plans to leverage its team’s extensive background in fintech and cybersecurity to address misconduct in securities transactions.

CETU’s Role in Emerging Technology Oversight

Furthermore, the CETU will prioritize enforcement actions against fraudulent activities involving artificial intelligence, machine learning, and blockchain-based assets. It will also investigate schemes leveraging social media, the dark web, or deceptive websites to mislead investors.

Additionally, the unit will monitor cybersecurity compliance among regulated entities and scrutinize public issuer disclosures related to cyber threats. In the acting chairman’s words;

“The unit will protect investors and will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will eliminate those seeking to misuse innovation to hurt investors and diminish trust in new technologies.”

Notably, CETU will work alongside the Crypto Task Force, led by Commissioner Hester Peirce, to streamline enforcement strategies.

Binance Lawsuit Paused for Regulatory Review

This news comes only a week after a federal judge in Washington, D.C., approved a temporary halt to the SEC’s lawsuit against Binance, granting a joint request by both parties.

Specifically, U.S. District Judge Amy Berman Jackson issued a 60-day stay, allowing time for a newly formed SEC task force to assess crypto regulations and their potential impact on ongoing enforcement cases.

Notably, the lawsuit accused of Binance deceptive practices, including inflating trading volumes and mismanaging customer funds. The SEC previously maintained that Binance listed crypto assets as securities without proper registration.

Messari Report Shows Cardano Recorded All-Rounded Growth in 2024

Elendu Benedict
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Messari Report Shows Cardano Recorded All-Rounded Growth in 2024

The Cardano ecosystem expanded on all fronts last year with major boosts in prices, average daily transactions, and DeFi total value locked.

An analytical report from market intelligence platform Messari shows that the network posted an impressive outing last year amid broader market bullishness. The piece highlighted the asset’s dazzling showing in Q4 2024 and overall performance compared to the previous year.

Price Upsurge Boosts Key Metrics

ADA recorded an impressive 126.2% surge in Q4 2024 following its surge from $0.374 to a four-year high of $1.327 before retracing to close at around $0.844. The price upswing canceled earlier quarterly losses in Q2 and Q3, taking its year-over-year growth to 42.2%.

Meanwhile, on-chain activities in the Cardano ecosystem also appreciated substantially, signaling growing traction. The average daily active addresses on the network in Q4 reached 42,900, a staggering 57.8% quarter-over-quarter uptick.

With the growing number of active addresses, users have transacted more on Cardano. Average daily transactions trended at 71,500 in the last quarter, its largest throughout the year.

Consequently, the growing transactions also boosted fees generated on the network. Particularly, Cardano generated $1.79 million in fees in the last quarter, up 253.8% from Q3. This ensured that the ecosystem realized 94.9% more on charges than it did by December 31, 2023.

Cardano Metrics
Cardano Metrics

TVL and Staking Boosts

Meanwhile, the total value of decentralized finance (DeFi) locked in on the Cardano network saw a considerable upside last year. After a 94% boost in Q4 to $448.9 million, the ecosystem recorded an uptick year-over-year, outdoing its 2023 value by 19.8%.

Total staked assets in USD also surged last year, with a 36.5% growth YoY. About $18.4 billion was staked on the network in Q4, up 117.4% from the previous quarter.

However, when domiciled in ADA, the metrics fared poorly compared to 2023. A 4% decline means that the uptick in USD came about due to an increase in the asset’s price.

Other Key Achievements

The Cardano ecosystem also recorded impressive milestones last year. For context, the network switched to complete decentralization with the Chang Upgrade in September 2024. The new governance system gave ADA holders full consent to manage the ecosystem’s affairs through SPOs and DReps.

Cardano’s sidechain Midnight also launched on testnet after years of development. Founder Charles Hoskinson noted that the L2 scaling solution will introduce multichain functionalities to the ecosystem.

In addition, the Cardano ecosystem saw the Ouroboros Peras update in October. The significant fork would shorten transaction fulfillment time on the network, making it as fast as Solana while maintaining decentralization.

Finance Veteran Gary Cardone Sells Entire XRP Portfolio, Shares 6 Reasons for His Exit

Abdulkarim Abdulwahab
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0
Finance Veteran Gary Cardone Sells Entire XRP Portfolio, Shares 6 Reasons for His Exit

In a tweet today, finance veteran Gary Cardone revealed that he sold off his entire XRP position at $2.71, liquidating an $80K portfolio.

With 40 years of experience in finance, Cardone shared a candid breakdown of the rules that guided his decision to exit the asset. While expressing well wishes for the XRP community, he claimed that his professional instincts led him to part ways with the token.

Understanding Supply and Demand: A Key Factor

Cardone said his first rule of investment is simple: if he doesn’t understand an asset’s supply and demand dynamics, he avoids it.

This concern likely stems from XRP’s supply mechanics. Ripple unlocks 1 billion tokens monthly but locks back 800 million XRP. This cycle has been ongoing for over half a decade, with no clear signs of ending, as Ripple has over 37 billion XRP under lock.

If You Can’t Draw It, Don’t Do It

His second rule comes from the idea that complex investments should be explained simply. Cardone believes that if an investment cannot be clearly explained in an understandable way—and ideally visualized on a whiteboard—it’s a major red flag. 

This preference ensures that one only backs well-understood assets.

Avoiding Price-Focused Speculators

In his third rule, Cardone urges investors to stay clear of those who focus solely on the price of an asset but fail to understand its underlying value. 

This warns against the common trap of speculating based on price movements without considering the true worth of the asset.

Ignore Short-Term Noise

For Cardone, long-term planning is key. Specifically, he stressed the importance of avoiding distractions caused by short-term market noise. 

Instead of reacting to the day-to-day volatility that dominates crypto markets, he advocates for a longer-term strategy that aligns with an investor’s overall goals.

Consolidated Bets Lead to Great Wealth

Cardone’s fifth rule champions the power of focused, long-term investments. Rather than spreading himself thin across numerous assets, he believes in making a few highly concentrated bets.

Never Follow the Crowd

Perhaps the most critical lesson Cardone shared was the idea of going against the grain. Specifically, rule six, which he claims should be his first rule, is never to follow the crowd.

This is a popular hypothesis that the masses are often wrong. In the case of XRP, the interest in the token is exceptional, with wild price predictions continually making the rounds in the community.

As a result, Cardone urges investors to make decisions based on their research and conviction rather than simply riding on trends.

As for XRP holders, Cardone ended his tweet by wishing them well and acknowledged the widespread hopes of getting “stupid rich.” Yet, he stressed that understanding the dynamics of an asset is key to long-term success.

Meanwhile, in response to this post, XRP community members remarked that anyone can do as they please, but only time will tell if the decision was correct.

Cardone’s recent disclosure comes a few days after a previous action from the financial veteran riled up the XRP community. Cardone had launched a poll requesting public opinion on which asset they could pick as long-term investments. However, he deleted the poll when XRP gained a decisive lead over Bitcoin.

Analyst Predicts Dogecoin Price After Breakout From Boring Phase

Albert Brown
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Analyst Predicts Dogecoin Price After Breakout From Boring Phase

Trader Tardigrade sees Dogecoin in a “Boring Phase,” predicting a breakout past $1.30 in the coming weeks.

Dogecoin has remained highly volatile, responding to broader market trends and community-driven cycles, with the price action hovering around $0.25. 

Despite a 31.2% decline in the past month, the asset has posted a 198.3% yearly increase, reflecting long-term momentum. Analysts, including Trader Tardigrade, are monitoring its price movement closely, expecting significant surges in 2025.

Potential Surge in DOGE Price

Dogecoin’s current consolidation phase, described as a “Boring Phase” by the pseudonymous analyst Trader Tardigrade, mirrors a past cycle. For context, between December 2024 and February 2025, the asset has traded within a range of $0.2 to $0.3. 

A similar period of stagnation occurred in June-November 2017 before Dogecoin experienced a nearly 15-fold surge, reaching $0.015 within two months. 

Based on historical trends, the analyst suggests a major price breakout could follow this current phase. He projects a breakout exceeding $1.30 post-March 2025.

Elliott Wave Analysis Suggests Bullish Outlook

Other market analysts, including Doge Lord, anticipate an extended rally for Dogecoin. One observer highlighted an Elliott Wave structure, pointing to a substantial increase. According to this analysis, Dogecoin initiated a five-wave Elliott Wave pattern in January 2024. 

The first wave saw the asset climb to $0.2288 by March 2024, followed by a decline to $0.0805 in August 2024 during Wave 2. Subsequently, Wave 3 propelled the price to a four-year high of $0.4843 in December 2024.

Despite a major correction, Dogecoin remains within the third wave. Doge Lord’s analysis anticipates a rebound toward the Fibonacci 1 level. This aligns with a projected all-time high of $1.1293, marking the completion of Wave 3. 

Meanwhile, a fourth-wave pullback could bring Dogecoin below $1, potentially reaching $0.7702 before finding support. Per the analyst, the final wave could push the price toward the 1.618 Fibonacci extension level, aligning with a target of $6.08.

Dogecoin Long-Term Potential

Other analysts maintain a bullish outlook, viewing recent price declines as a buying opportunity. A prominent analyst, XForceGlobal, has emphasized Dogecoin’s historical performance and cyclical patterns, indicating a strong possibility of a significant uptrend. 

Meanwhile, a February 18 analysis from the Korean Elliott Wave-certified expert suggested that Dogecoin’s price action aligns with previous cycles, reinforcing expectations for a 5x to 10x increase.

Canary Capital’s Proposed Litecoin ETF Listed on DTCC Website: What it Means

Okoya David
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Canary Capital’s Proposed Litecoin ETF Listed on DTCC Website: What it Means

The proposed Litecoin ETF from Canary Capital now appears on the DTCC’s “active and pre-launch” ETF list with the ticker LTCC.

Exchange-traded funds have long been a focal point of crypto market interest over the years as market participants eye a boost to their preferred assets from capital inflows from traditional investors. The dominance of this narrative has only gotten stronger with the approval of spot Bitcoin and Ethereum products in 2024.

Over the past month, analysts have suggested that Litecoin is the next asset likely to receive this traditional investment wrapper. As market participants anticipate the Securities and Exchange Commission’s move, one proposed Litecoin ETF has now secured listing on the Deposit Trust & Clearing Corporation. Here’s what it means.

Just Standard Procedure 

Over the past 24 hours, crypto market participants have observed that Canary Capital’s Litecoin ETF has appeared on the DTCC website. The DTCC is a financial services firm that offers post-trade services in financial markets, such as clearing and settlement. In the context of ETFs, it facilitates the creation and redemption of shares.

As many have observed, Canary Capital’s proposed Litecoin ETF now appears on the DTCC’s “active and pre-launch” ETF list with the ticker LTCC.  

Canary Capital Litecoin ETF listed on DTCC website
Canary Capital Litecoin ETF listed on DTCC website. Source: DTCC

But appearance on this list is in no way indicative of the likelihood of approval.

“Doesnt [sic] mean it’s approved or ready to start trading, but it does show the issuer is making preparations for when it is. We still at 90% odds,” Bloomberg Senior ETF Analyst Eric Balchunas wrote on Friday, February 21, highlighting that the estimated odds of approval of the Litecoin ETF, though high, remain unchanged.

ETF Store President Nate Geraci shared Balchunas’ sentiments, asserting that the DTCC listing had no implications on the chances of approval. Still, he also shared the view that he potential approval was likely, nonetheless.

Indeed, the DTCC website notes that listed products were still subject to regulatory approval and could only be processed after that. For example, BlackRock’s Bitcoin ETF product IBIT first appeared on the DTCC website as early as August 2023, but it was not until January 2024 that it received the SEC’s approval.

SEC Seeking Comments

The recent appearance of Canary’s proposed Litecoin ETF on the DTCC website comes on the heels of the SEC opening its portal for public comments on the filing.

This portal is set to close on Tuesday, February 25, 21 days after the ETF filing and the publishing of the 19b-4 from Nasdaq on the Federal Register. For context, the Canary Litecoin ETF appeared on the register on February 4.

The SEC has 45 days from this date to decide to approve or deny the ETF application. It can also extend this deadline for another 45 days for a total of 90.

Meanwhile, Canary Capital is not the only issuer in the running to launch a Litecoin ETF. The SEC is also considering a similar application from CoinShares. 

In response to the recent ETF speculations, traders are paying increased attention to Litecoin. As highlighted by crypto analytics firm Santiment Feed on Thursday, February 20, Litecoin’s market cap has already grown 46% this month. At the same time, daily transaction volumes are up over 240% from August 2024, when it averaged about $2.8 billion, to about $9.6 billion in the past seven days.

Litecoin on chain transaction volumes
Litecoin on chain transaction volumes. Source: Santiment Feed

At the time of writing, Litecoin is trading around the $134 mark, representing a 3.6% gain over the past 24 hours.

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