The first U.S. spot exchange-traded fund for XRP recorded the highest trading volume of any new ETF launched this year on its debut.
Canary Capital’s XRPC fund generated $58 million in trading volume on Thursday, exceeding all other ETFs introduced in 2025. This performance signals significant investor interest in direct exposure to the cryptocurrency.
The XRPC’s inaugural volume narrowly surpassed the $57 million achieved by Bitwise’s Solana (BSOL) spot ETF, which launched weeks earlier. The third-highest debut for an ETF this year trailed by more than $20 million.
Notably, the XRPC fund attracted $26 million in trading within its first hour of operation alone. This indicates strong demand from both institutional and retail investors for the digital asset, XRP, which is native to the Ripple network.
Bloomberg senior ETF analyst Eric Balchunas highlighted the fund’s success on the social media platform X. He praised XRPC’s day-one volume, noting its edge over BSOL and categorizing both as being “in a league of their own.”
Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL’s $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb
— Eric Balchunas (@EricBalchunas) May 30, 2024
The launch comes amid a renewed sense of optimism for cryptocurrency ETFs in the U.S. market. This follows the federal government’s reopening after an extended shutdown.
The Depository Trust & Clearing Corporation (DTCC) had previously listed five XRP spot ETFs, including Canary Capital’s, in its “active and pre-launch” category. Dozens of similar products awaited approval from the Securities and Exchange Commission (SEC).
New regulatory guidance issued after the government’s reopening has established clearer pathways for these products to enter the public market.
Matt Hogan of Bitwise commented that the success of an ETF does not solely depend on the median opinion of a crypto asset. He suggested that it is preferable to have 20% of people passionately support an asset rather than 80% vaguely wanting it.
Hogan added that ETFs often fail due to apathy, not disagreement. This perspective suggests that a dedicated community can drive an ETF’s success despite broader market volatility or price corrections.
Canary Capital, a relatively new firm in alternative ETFs, positioned XRPC as an accessible tool for traditional investors. It aims to offer them diversification into regulated crypto assets.
Analysts like Balchunas believe this strong debut signals that altcoin ETFs can compete with higher-volume products like those for Bitcoin and Ethereum. Their success hinges on capturing the enthusiasm of a loyal investor base.
As the market processes these figures, attention now turns to other crypto ETFs awaiting regulatory approval. These pending products could significantly reshape the U.S. investment landscape in the coming months.