Altcoins Surge While Bitcoin Holds Steady Amid ETF Outflows
Altcoins gained significant attention on Friday, with XRP and dogecoin (DOGE) benefiting from optimism around spot ETF filings, while Solana-based decentralized exchange Jupiter’s JUP token rose on the announcement of its buyback program.
The U.S. Securities and Exchange Commission (SEC) acknowledged applications for XRP and DOGE spot ETFs, according to updates from the regulator on February 13. These applications will now enter the SEC’s federal register, triggering a 240-day review process. This marks another step forward for the approval of altcoin-based ETFs, with Solana’s SOL and Litecoin (LTC) among those also filing for similar products. The filings reflect growing expectations for further integration of cryptocurrencies into mainstream finance under President Donald Trump’s administration.
Approval of XRP and DOGE spot ETFs could pave the way for greater institutional involvement, as these regulated vehicles would make it easier for large investors to gain exposure to the tokens without needing to directly buy or store them. This would likely increase liquidity and demand for these altcoins.
At press time, XRP traded at $2.73, up 10% in the last 24 hours, making it the top-performing cryptocurrency by market capitalization. DOGE, too, saw a 4% increase. Data from CoinDesk and Coingecko supported these movements.
Valentin Fournier, an analyst at BRN, noted in an email to CoinDesk: “The SEC’s acceptance of ETF applications for XRP and Dogecoin adds to the list of altcoin ETF reviews, including Solana and Litecoin. If approved, these ETFs could significantly expand institutional access to altcoins, injecting liquidity and potentially triggering an altcoin rally later this year.”
Fournier also highlighted that digital assets are seeing slight upward momentum, supported by positive regulatory signals and improving trade relations.
Meanwhile, JUP, the token of Jupiter’s decentralized exchange, saw a 10% rise following the platform’s announcement that it would allocate 50% of its protocol fees to buy back and lock JUP tokens for three years, starting February 17. This initiative aims to reduce the token’s circulating supply and enhance the platform’s sustainability.
Bitcoin (BTC), however, continued to show muted price action, trading around $97,000 as outflows from U.S.-listed spot ETFs continued. The 11 BTC spot ETFs in the U.S. collectively experienced a net outflow of $650 million this week, according to Farside Investors.
Despite the relatively quiet movement of Bitcoin, analysts remain optimistic, especially in the face of stronger-than-expected U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data released earlier this week.
Fournier emphasized: “Given Bitcoin’s resilience amid high inflation and the improving regulatory environment, this accumulation phase could lead to a strong rally in the coming weeks. We maintain a bullish outlook and recommend maintaining heavy exposure to digital assets, balancing BTC and ETH based on market capitalization.”
