Bloomberg ETF Analyst James Seyffart Highlights Canary Capital’s Litecoin ETF Proposal as Most Likely to Be Approved
Bloomberg ETF analyst James Seyffart has reiterated that Canary Capital’s proposal for a spot Litecoin ETF has the best chance of approval among current crypto ETF applications. In a recent update, Seyffart said that while the U.S. Securities and Exchange Commission (SEC) delayed several crypto ETF decisions last week, it did not delay Canary’s Litecoin ETF review. This may suggest that the SEC is giving it more serious consideration.
Analyst Sees High Odds for LTC ETF Approval
Canary Capital first submitted its S-1 registration for the Litecoin ETF on October 15, 2024. This was followed by Nasdaq’s 19b-4 form submission on January 16, 2025, which advanced the proposal into the regulatory review process. Bloomberg analysts recently assigned a 90% probability of approval to the Litecoin ETF — the highest among current proposals.
Recently, Canary Capital’s spot Litecoin ETF got listed on the Depository Trust and Clearing Corporation (DTCC) system. Following DTCC listing, the prediction market platform Polymarket showed an increase in approval odds for the Litecoin ETF, rising from 55% to 85%.
Other proposals for Litecoin-based ETFs, including those from Grayscale and CoinShares, are also under SEC review. However, the SEC has until October to make a decision on all three filings. For now, Seyffart believes Canary Capital’s application leads the pack.
In contrast, the SEC has extended its review period for ETFs tied to Dogecoin, XRP, Solana, and Hedera. On April 29, the agency postponed its decision on Bitwise’s Dogecoin ETF and Franklin Templeton’s XRP ETF until mid-June. It also delayed rulings on the Solana ETF by Franklin Templeton and the HBAR ETF from Grayscale.
Despite these delays, analysts still believe multiple ETF approvals could happen in the second half of 2025 — a period now referred to as “Crypto ETF Summer.”
Litecoin Breakout Structure Points to Rally Toward $98 Amid ETF Speculation
As investor sentiment strengthens around the potential approval of a Litecoin ETF, the LTC/USD chart shows signs of bullish momentum. Litecoin is currently trading at $89.08, showing a 1.26% daily gain.
Right now, Litecoin (LTC) is showing a strong bullish structure on the 4-hour chart. The price has broken above an ascending triangle — a pattern known for leading to upward breakouts.
Since mid-April, LTC has formed higher lows, supported by an upward trendline. At the same time, the $92 level has acted as a horizontal resistance. The price recently surged from around $85 and is now testing the upper boundary of this triangle.
The breakout is supported by rising momentum, and the price is trading above all key exponential moving averages (EMAs), including the 20 EMA ($86.89), 50 EMA ($86.13), 100 EMA ($84.51), and 200 EMA ($84.42). These EMAs now act as strong support zones.
If Litecoin manages a confirmed close above $92 with increased volume, it could trigger a rally toward $96 first, and then potentially reach $98–$100 as shown by the projected breakout path in the chart.
On the downside, immediate support lies near $86 and along the ascending trendline. As long as LTC holds above this trendline, the bullish outlook remains intact.