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- Tuttle Capital has filed for the Bonk Income Blast ETF, Litecoin Income Blast ETF, and Sui Income Blast ETF, citing rising demand as the reason behind the move.
- Prices of all assets involved recorded a sharp upsurge following the announcement, hinting that a more explosive run could be recorded after the official approval.
Fund Manager Tuttle Capital has applied with the US Securities and Exchange Commission (SEC) to launch an Exchange Traded Fund (ETF) for four assets: Bonk, Sui, and Litecoin (LTC).
According to the information shared by Bloomberg ETF analyst James Seyffart, these are new applications for Income Blast ETFs.
Our research shows that this ETF is an unconventional product that merges digital assets into a traditional ETF structure. The reason behind this application is also reported to be the rising demand for Bonk and other assets by institutional investors. For the same reasons, issuers like REX Advisers and Osprey Funds have also filed fund-related applications for the meme coin.
Reacting to this, investors quickly subjected the assets to significant demand, forcing a quick upsurge.
BONK, SUI, and Litecoin Price Reaction
At the time of writing, BONK had surged by 3% in the last 24 hours, 3% in the last seven days, 6% in the last 30 days, and 67% in the last 90 days. Currently, the asset is trading at $0.0000238. However, its daily trading volume has taken a nosedive, declining by 8%.
Bonk’s reaction is no surprise, as it once surged by 20% following speculations around the 2x Long BONK ETF resubmitted by Tuttle Capital in July, as noted in our earlier post.
LTC, following this report, has climbed up the price curve to the $115 level, “printing” 0.36% gains in the last 24 hours and 1.96% gains in the last seven days. Just like BONK, LTC’s trading volume has declined by 14% in the last 24 hours.
LTC’s all-time high price is $412, recorded on May 10, 2021. As mentioned in our previous coverage, analysts believe that the asset could breach this level within the fourth quarter of the year (Q4 2025).
Apart from these two, Sui is also reacting strongly to the Income Blast ETF, rising by 2.3% in the last 24 hours, 2% in the last seven days, 1.8% in the last 30 days, and 28% in the last 90 days. At press time, Sui was trading at $3.6, and its daily trading volume is still up by 0.39%.
According to our recent analysis, investment giant VanEck has predicted that SUI could rise by 350% by the end of the year.
Already, the deadlines for the SEC to make decisions on the submitted spot ETFs are looming. As indicated in our previous news brief, Seyffart and his colleague Eric Balchunas believe that the spot Litecoin ETF has a 90% approval odds.
Seyffart also hinted in January that Litecoin could be the first to get approval since it has not been mentioned in any lawsuit as a security, as highlighted in our earlier discussion.
