Bitwise ETP Launch Drives 3.95% Surge in Lighter (LIT) Price

The price of Lighter (LIT) surged by 3.95% over the last 9 hours, largely due to the launch of Bitwise's Lighter Staking ETP on Deutsche Börse Xetra.

The Bitwise ETP, traded under the ticker BLIT, is the first exchange-traded product that directly tracks LIT's token and is fully backed by LIT held in cold storage. It charges an annual fee of 0.85%. The launch of BLIT on September 23 gave European and traditional brokerage investors access to LIT without needing wallets or on-chain interaction.

The price move in LIT was triggered by the Bitwise ETP launch, which increased perceived demand and visibility for LIT. Multiple news outlets and social media accounts attributed the short-term rally in LIT to the BLIT launch, with some noting that it bucked a broader crypto market decline.