XRP and Dogecoin ETFs Post Historic Trading Debuts with $55M in Combined Volume

Strong Day-One Performance Sets Tone for Expanding ETF Market

XRP and Dogecoin exchange-traded funds recorded one of the strongest debuts of the year, generating $55 million in combined volume on their first day of trading. The REX-Osprey XRP ETF, listed under ticker XRPR, ended the session with $37.7 million in turnover, the largest day-one volume among 710 ETF launches this year, according to Bloomberg. The REX-Osprey DOGE ETF, trading under DOJE, saw $17 million in activity, placing it within the top five debuts across all ETF categories.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, described the trading as a positive signal for the “onslaught of 33 Act ETFs coming soon.” Issuers of spot Bitcoin and Ethereum ETFs relied on the Securities Act of 1933, but Rex Shares and Osprey structured the new XRP and Dogecoin products under the Investment Company Act of 1940. That framework requires direct token holdings but also provides flexibility to supplement exposure with foreign spot ETFs or comparable instruments if necessary.

The XRP fund set the pace early, handling $24 million in transactions within its first 90 minutes, a level of activity five times higher than any XRP futures ETF has managed. Dogecoin’s ETF also started quickly, with nearly $6 million traded in the opening hour. Balchunas called the debut “shockingly solid,” noting that most ETFs fail to reach $1 million in first-day trading volume.

The launch coincided with the U.S. Securities and Exchange Commission’s approval of new exchange listing standards designed to streamline crypto ETF rollouts. Balchunas projected that more than 100 crypto ETFs could reach the market within the next year. Such a wave of launches would reshape the coin market cap landscape, pushing crypto price index benchmarks to expand their coverage as traditional financial structures adapt to digital assets.

While ETF activity was robust, token prices showed minor declines during the trading session. XRP, the third-largest cryptocurrency by market capitalization, fell 1.10% over the past 24 hours, slipping to $3.01. Dogecoin, ranked eighth by market size, retreated 3.52% to $0.266. The moves highlight the gap between investor enthusiasm for ETF products and the day-to-day fluctuations in underlying crypto price performance.

This article has been refined and enhanced by ChatGPT.