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Litecoin whale address drops to 2022 lows, Grayscale applies for LTC ETF

2026-09-14 09:30:10

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Whale holdings fall back to cyclical lows

Grayscale applies to convert Litecoin Trust to a listed ETF

The number of addresses holding LTC of US$1 million to US$10 million and above has dropped to the bottom of the 2022 cycle. Analyst Joao Wedson said the contraction is similar to past periods of market stress. Grayscale filed Form S-3/A to convert its Litecoin Trust into a listed ETF product.

Shares will be traded on NYSE Arca under the symbol $LTCN, called the Grayscale Litecoin Trust ETF.

Whale positions fall back to cyclical lows

Data shared by online analyst Joao Wedson shows that the number of Litecoin whale addresses has shrunk significantly. Holding LTC wallets worth between $1 million and $10 million has been significantly reduced. Addresses holding a value of more than $10 million showed the same trend.

Based on on-chain data, these numbers are currently close to levels at the bottom of the market in 2022. In a post on X (formerly Twitter), Wedson pointed out that this pattern has emerged during periods of market stress. Depth adjustments in previous cycles have been accompanied by a similar contraction in whale participation.

The number of addresses holding US$1 million to US$10 million and more than US$10 million in LTC has fallen back to the last level seen near the bottom of the 2022 cycle.

This is an important shift in whale engagement. The representation of large holders has been significantly reduced...
- Joao Wedson (@joao_wedson) September 12, 2026

Analysts caution that this data point does not confirm that a bottom has been formed. Instead, it puts current whale activity near historically low readings. Declining participation by large holders is usually accompanied by weaker rather than stronger phases of the market cycle.

Address-based metrics track wallet balances, not individual investors. The decline in the number of medium and large addresses suggests that fewer wallets currently carry large amounts of LTC value.

Compared with the period when Litecoin transactions were highly valued, the current representation of large holders is significantly sparse.

Grayscale's application to list Litecoin Trust as an ETF

Litecoin's official account confirms another development related to regulatory documents.

Grayscale filed an S-3/A filing with the Securities and Exchange Commission (SEC). The document seeks to convert the existing Litecoin Trust into an exchange-traded product.

Grayscale has just filed an S-3/A document with the SEC, proposing to rename Litecoin Trust to the Grayscale Litecoin Trust ETF and list it on NYSE Arca under the $LTCN code.
Shares will be traded on the national stock exchange rather than over-the-counter (OTC).
- Litecoin (@LitecoinDotCom) September 12, 2026

Under the proposal, the fund will be renamed the Grayscale Litecoin Trust ETF. Shares will be traded on NYSE Arca under the symbol $LTCN. This filing is an amendment to a registration statement previously submitted to regulatory agencies.

In recent years, Grayscale has been promoting similar conversions of other digital asset trusts. A listing on a major exchange will provide investors with a regulatory channel to gain LTC exposure. The filing still needs to be reviewed and approved before any shares enter the market.

Meanwhile, the spot price of Litecoin is US$53.58 as of writing. Cross-exchange trading volume reached US$2,145,521,10 in the past 24 hours. The asset rose 0.60% in seven days, accompanied by a daily gain in modest.

Source: Coingecko

Taken together, these two developments depict a market that is handling mixed signals. Whale addresses show caution among large holders. ETF applications point to institutions 'continued interest in Litecoin as an asset class.

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