SEC acknowledges multiple crypto ETF applications, but analysts say Litecoin has a head start over XRP and DOGE | Credit: Michael Förtsch/Unsplash
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Key Takeaways
Analyst says the Litecoin ETF will likely get the SEC nod over other filings.
However, the agency has acknowledged Grayscale’s XRP and DOGE ETF bids.
Though the approval odds surged, it still depends on a regulatory lawsuit.
According to Bloomberg analyst Eric Balchunas, Litecoin (LTC) has a better chance of securing ETF approval than XRP and Dogecoin (DOGE).
His comment follows the U.S. SEC’s acknowledgment of Grayscale’s spot ETF filings for XRP and DOGE. While Balchunas sees this as a positive step, he believes Litecoin is progressing more in the approval process than the other two assets.
Earlier this year, Balchunas and his colleague James Seyffart predicted that the SEC would approve multiple crypto ETFs in 2025. However, on Feb. 13, he mentioned that Litecoin could get the first nod.
On X (formerly Twitter), a certain user asked Balchunas the approval odds on a scale of 1 to 10.
In response, he noted that XRP and DOGE ETFs are rounding off the first phase. However, the analyst emphasized that the Litecoin spot ETF was already in its third stage.
“In Baseball terms: All of them are rounding 1st base, except for Litecoin which is headed to 3rd,” Balchunas stated.
In line with the analyst’s mention, Eleanor Terrett of FOX Business also agreed with the position. The US SEC had previously acknowledged the Litecoin spot ETF application on Jan. 29, making it the first altcoin to get that response.
XRP and DOGE Odds Lag Behind LTC
Following the development, CCN observed that the odds of Litecoin ETF approval in 2025 soared on Polymarket bets. On Feb. 2, it was a 76% chance. But as of this writing, it has soared to 87%. For XRP, it stands at 81%, while Dogecoin is at 66%.
Meanwhile, regarding the DOGE and XRP spot ETFs, Terrett noted that this does not translate to automatic approval. According to her, this development only means that the SEC has become more open-minded about cryptocurrencies since its change in leadership.
“No, it doesn’t mean automatic approval and it doesn’t even guarantee the SEC will approve it down the line. So why is it notable? Because it means this SEC is being more open-minded and not flat out refusing to consider these products. Recall, exchanges pulled the SOL 19b-4 applications in December when the Gensler SEC signaled it would not engage with them,” Terrett added.
SEC Shifts to Open-Minded, but Approval Not Guaranteed
Until the Bitcoin spot ETF approval last year, analysts doubted altcoins could secure a spot ETF listing because many tokens are classified as securities.
However, Donald Trump’s presidency appears to be shifting that narrative. Having pledged pro-crypto policies during his campaign, he seems to be following through on those promises.
Despite the optimism around the crypto ETF approvals, Seyffart noted on Feb.11 that it would depend on the long-standing legal battle between Ripple and the SEC.
Despite optimism about crypto ETF approvals, Seyffart noted on Feb. 11 that the outcome depends on Ripple’s ongoing legal battle with the SEC.
Recently, both parties seem to be moving toward a settlement. However, the Bloomberg analyst believes Litecoin, XRP, or DOGE ETFs might never materialize if they fail to reach a resolution.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
