Excitement builds as SEC acknowledges spot ETF applications while Jupiter token jumps on buyback announcement, despite continued Bitcoin ETF outflows

The cryptocurrency market showed notable movement Friday, with several altcoins making significant gains while Bitcoin maintained stability around the $97,000 mark despite continued outflows from spot ETFs.

Key Developments Driving Altcoin Momentum

XRP emerged as the day’s standout performer among top cryptocurrencies, surging 10% to reach $2.73. This impressive rally followed the SEC’s acknowledgment of Grayscale’s applications for XRP and Dogecoin spot ETFs, as indicated in February 13 updates from the regulator.

The applications will now proceed to the SEC’s federal register, initiating a 240-day review period for final decisions. DOGE also benefited from this development, climbing 4% over the 24-hour period.

“In a notable development, the SEC has accepted ETF applications for XRP and Dogecoin, adding to a growing list of altcoin ETF reviews, including Solana and Litecoin. If approved, these products could significantly expand institutional access to altcoins, injecting liquidity and potentially setting the stage for an alt-season later this year,” Valentin Fournier, analyst at BRN, told CoinDesk in an email.

Jupiter’s Strategic Buyback Plan Boosts JUP Token

Jupiter’s JUP token matched XRP’s 10% gain following the Solana-based decentralized exchange’s announcement of a substantial buyback program. The plan will allocate 50% of protocol fees toward repurchasing and locking JUP tokens for a three-year period starting February 17, aiming to reduce circulating supply and enhance platform sustainability.

Bitcoin Holds Steady Despite ETF Outflows

Bitcoin continued trading in a relatively narrow range around $97,000, showing resilience despite U.S.-listed spot ETFs recording cumulative net outflows of approximately $650 million for the week, according to Farisde Investors data.

The leading cryptocurrency’s stability proved particularly noteworthy given the hotter-than-expected U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data released earlier in the week.

“Given Bitcoin’s resilience in the face of high inflation and improving regulatory clarity, this accumulation phase may lead to a strong rally in the coming weeks. We maintain a bullish outlook and recommend continued heavy exposure to digital assets, balancing BTC and ETH based on market capitalization,” Fournier added.

The Trump Effect on Crypto ETF Applications

The recent wave of altcoin ETF filings, including those for Solana’s SOL and Litecoin (LTC), indicates growing expectations for accelerated cryptocurrency integration into mainstream finance under Donald Trump’s presidency.

Should the SEC approve these spot ETFs, institutional investors would gain easier access to these digital assets through regulated, familiar investment vehicles without the complexities of direct cryptocurrency custody. This development could significantly enhance market liquidity and increase demand for these tokens.