Litecoin (LTC) spot exchange-traded fund (ETF) applications are racing to be the first to market

Since spot Bitcoin and Ethereum exchange-traded funds were approved in the US last year, a wave of blue-chip cryptocurrencies has been racing to join them.

The U.S. Securities and Exchange Commission could approve a spot Litecoin exchange-traded fund by July 31, pushing the odds of approval up to 47% on Polymarket.

This compares with a 26% chance assigned to the Payout at Open interest yesterday.

The commission is now considering more than 70 applications for spot crypto ETFs, having already approved products tracking Bitcoin and Ethereum last year.

Among the pending filings is one tied to Litecoin, one of crypto's oldest surviving assets.

A decision on Canary Capital's proposed spot Litecoin ETF is due today, and unlike many recent filings, the SEC hasn't yet delayed it.

The price of its native LTC rose 4% in the past 24 hours, reaching a one-month high of around $90.

If any asset has a chance of early approval, it's Litecoin. It's surprising they went early and rolled several other filings (e.g., futures) but not this one.

If any asset has a chance of early approval, it's Litecoin. It's surprising they went early and rolled several other filings (e.g., futures) but not this one. If they want to approve a coin quickly, it feels like this is the one they'd pick. At least that's my two cents.

The agency is also expected to make a decision on several other spot ETF applications, including those from Bitwise and Franklin Templeton for Dogecoin.

However, the SEC recently postponed its final deadlines on those filings until mid-June.

Several major issuers have already filed applications for spot Dogecoin ETFs, which analysts expect to be treated similarly to Bitcoin and Litecoin.

This contrasts with tokens such as Solana and XRP, which are viewed as securities, leading to greater scrutiny from the SEC.

Despite this, there has been some progress on the Solana and XRP fronts.

Solana saw its futures launch on CME in March with just $12 million in first-week volume, which Kaiko describes as "unremarkable" compared to earlier Bitcoin and Ethereum products.

Most of the activity came from smaller retail-focused contracts.

Meanwhile, ProShares is set to launch a trio of futures-based XRP ETFs, providing the token with a foothold in regulated markets but falling short of the anticipated spot approval.

This move was met with mixed reactions from traders, as many had hoped for a more direct form of access to XRP through spot ETFs.

Finally, the final SEC deadlines for the various spot ETF applications tied to Litecoin, XRP, Solana, and Dogecoin all land in October.