Bloomberg Analyst James Seyffart Reiterates That Canary Capital's Spot Litecoin ETF Has the Best Chance of Approval

Bloomberg ETF analyst James Seyffart has continued to highlight 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 noted that while the U.S. Securities and Exchange Commission (SEC) has delayed several crypto ETF decisions last week, it did not postpone Canary’s Litecoin ETF review, which may suggest that the SEC is giving it more serious consideration.

Canary Capital filed its S-1 registration statement for the Litecoin ETF with the SEC on October 15, 2024. Later, Nasdaq submitted a 19b-4 form on January 16, 2025, to advance the proposal into the regulatory review process.

The Bitcoin ETF proposals from iShares and Invesco, which were also filed in 2024, have already been rejected by the SEC. Among the remaining proposals, Canary’s Litecoin ETF has the highest probability of approval according to Bloomberg analysts, with a 90% chance.

The proposals from Grayscale and CoinShares for Litecoin-based ETFs are also currently pending with the SEC, and the agency has until October to make a decision on all three filings. For now, Seyffart believes that Canary’s application is in the lead.

In contrast, the SEC has extended the 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 are still expecting multiple ETF approvals in the second half of 2025, an event that has been nicknamed “Crypto ETF Summer.”

Litecoin Breakout Structure Points To Rally Toward $98 Amid ETF Speculation

As investor sentiment grows stronger around the potential approval of a Litecoin ETF, the LTC/USD chart is showing 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 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.