Litecoin ETF Drama: Is the SEC Secretly Craving Altcoins or Just Horrible at Scheduling?

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I don’t want to sound dramatic, but the U.S. Securities and Exchange Commission is about to make a decision that—if the internet is to be believed—holds the fate of civilization itself: the proposed Litecoin ETF from Canary Capital. It’s Canary Capital, by the way, not Canaries Capital, because there’s nothing like single-bird finance to reassure the masses.

Supposedly, the SEC’s deadline for making this earth-shattering Litecoin decision is May 5. Unlike some other filings (which have been postponed more often than my New Year’s resolutions), this one is weirdly on schedule. Naturally, this has sent the crypto crowd into full-on conspiracy mode. Maybe the SEC lost the paperwork. Maybe they’re just bored. Or maybe, in the vast, echoing corridors of SEC headquarters, someone finally typed “Litecoin” into Wikipedia.

Bloomberg ETF analyst James Seyffart has noticed the peculiarity of it all. On May 5, he took a break from consulting his 184th Excel tab to post on X, where all the great prophets dwell, noting the SEC’s conspicuous silence in the case of Litecoin. “If any asset has a chance of early approval, it’s Litecoin,” he mused, adding that he still thinks a delay is more likely. He’s hedging harder than my neighbor’s garden in tick season.

The @CanaryFunds Litecoin ETF filing is due for a decision (possibly a delay) by Monday 5/5. SEC went early & delayed a bunch of filings but not this. If any asset has a chance of early approval it’s Litecoin IMO. Personally think a delay is more likely but def something to watch

— James Seyffart (@JSeyff) May 4, 2025

Canary filed its bold request for a Litecoin ETF back on January 16, using the famous Nasdaq 19b-4 process—sure, just rolls off the tongue, doesn’t it? The SEC, led by Acting Chairman Mark Uyeda—who may or may not be doing this from his kitchen table—finally bothered to acknowledge the paperwork on January 29. I guess there were a lot of Sudoku puzzles to finish first. This mattered because, for years, the SEC basically said, “ETFs for real coins only, please.” But now, wow, we’re opening the floor to Litecoin, beloved by everyone who likes saying “almost as good as Bitcoin.”

Where does Litecoin stand on this momentous May 5? Around $87, which is just enough for a basic dinner for two—if you don’t tip. It’s up, like, 0.9% on the day, and climbing almost 10% in two weeks, which is coincidentally the same number as my average steps in a day lately. The daily chart claims it’s rebounding from April blues, staying above the 50-day moving average at $82.87. With the RSI at 56—we’re neither too hot nor too cold, Goldilocks-style—and Bollinger Bands stretching out like yoga class after bottomless mimosa brunch, things could get wild.

Volume? Let’s call it “steady with a glass of white wine.” Enthusiasts are not exactly rioting, but they aren’t napping, either. Support sits around $82 and $78, while breaking through $90 could mark the sort of euphoric reversal unseen since I found twenty bucks in my winter coat. Will the SEC give Litecoin the green light, or is everyone just getting riled up for another round of “Maybe Next Month”? In this high-stakes waiting game, the traders are watching. And tweeting. And charting. Let’s face it: the most fun anyone will have with Litecoin this week is still that moment they refresh their portfolios and see, “Huh. Up 0.9%. Time for lunch.” 🍔📈

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2025-05-05 09:04