Litecoin (LTC) Network Confirms Fidelity Started Offering LTC Exposure to Its Clients

Litecoin [LTC] may not have ETFs yet like its bigger siblings, but that has not stood in the way of institutional demand.

While its bigger brothers, Bitcoin [BTC] and Ethereum [ETH], are already trading on ETFs, Litecoin [LTC] is yet to follow suit. However, that has not stopped institutional investors from showing interest in the crypto.

One of the largest institutional investors in the crypto space, Grayscale, has been adding more LTC to its portfolio. Recent data showed that Grayscale was unfazed by the market headwinds and was accumulating Litecoin throughout. The institutional investor’s holdings did not take a hit during the market crash at the beginning of August.

Instead, it maintained a positive balance, growing from 1.75 million LTC to 1.85 million LTC over the last four weeks. This marked the highest amount of Litecoin that Grayscale has ever held.

Grayscale's LTC bags account for 0.024% of the total LTC supply. While this may not be a significant amount, it does highlight the fact that whales and institutional investors are still interested in the crypto.

Just a month ago, the Litecoin network confirmed that Fidelity, an investment firm with over $12 trillion in assets under management, began offering LTC exposure to its clients.

These developments are likely to attract more interest from retail traders in the crypto.

Litecoin hashrate hits new ATHLitecoin has also been experiencing growth in other key areas. The most notable one being its hashrate, which has been gradually increasing over the years. The hashrate peaked at a new all-time high of 1.29 PH/S within the last 24 hours.

According to Coinwarz, the Litecoin hashrate has been steadily increasing since the beginning of 2023. It started the year at around 0.7 PH/S and has since seen a gradual rise, reaching the 1.28 PH/S range by the end of July.

The hashrate continued to climb, hitting the 1.29 PH/S mark on 11 August. This was the highest level of hashrate that Litecoin has seen throughout 2023.

After pulling back from a descending long term resistance, Litecoin has been bearish for the last five days. However, it might be preparing for a bullish relief.

On the 1-hour chart, its RSI recently formed a bullish divergence pattern.

The bullish divergence suggested that LTC might pivot to the upside. An outcome that could possibly lead to another retest of the descending towards the $66 price range.

It traded at $63.32 at press time, which was close to a previously tested support level.

Zooming out, especially on the 1-day chart, revealed a high probability of a breakout. This is because Litecoin is in a wedge pattern and the support and resistance were squeezing it into a breakout or breakdown zone.

With institutional demand showing active engagement in accumulation, the odds may be turning out in favor of a bullish outcome.

However, these observations do not necessarily guarantee that outcome. The markets have recently shown a lot of unpredictability and the markets are currently on the edge regarding the state of the global economy. These factors may influence liquidity flows in the next few months.

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