Litecoin Whale Addresses Plummet as Grayscale Files for ETF Conversion

Litecoin (LTC) whale addresses have dropped to levels not seen since the 2022 market bottom, according to on-chain analyst Joao Wedson. Wallets holding between $1 million and $10 million in LTC and those with more than $10 million have thinned out considerably.

The contraction resembles past periods of market stress, said Wedson, noting that deep resets in previous cycles carried similar contractions in whale participation.

This development comes alongside Grayscale's filing to convert its Litecoin Trust into a listed ETF product. The proposed fund would trade on NYSE Arca under the ticker $LTCN.