The newly launched Bitwise XRP ETF has made a significant impact shortly after its debut, recording an impressive $18 million in inflows on its first trading day. This surge brought the total inflows to approximately $135 million within just three days of its launch.
As of November 24, the fund has amassed a substantial holding of 77.14 million XRP, which equates to a value of around $168.68 million at current market pricing. Each share of the ETF is backed by approximately 11.19 XRP, allowing investors to gain exposure to this prominent cryptocurrency without the need to hold the asset directly.
Hunter Horsley, the CEO of Bitwise, expressed gratitude towards investors for their trust in the firm as a steward of their assets. He highlighted the increasing demand for regulated exposure to XRP, especially amid current bearish trends in the wider cryptocurrency market.
The impressive inflow numbers reflect a growing preference among both institutional and retail investors for regulated investment vehicles tailored to cryptocurrencies. The Bitwise ETF, which began trading on NYSE Arca last week, has already attracted considerable interest, suggesting a robust appetite for XRP-focused investment options.
Furthermore, the Bitwise XRP ETF is part of a broader trend towards spot ETFs linked to XRP, with other notable offerings including the Canary XRP ETF, Grayscale XRP Trust ETF, and Franklin Templeton XRP ETF. Collectively, these funds have reported a total of $644.64 million in net assets, demonstrating the market”s enthusiasm for this asset class.
As the cryptocurrency landscape evolves, additional XRP ETFs from firms such as 21Shares, CoinShares, and WisdomTree are anticipated to launch soon. Analysts suggest that these forthcoming products could further enhance market access to XRP and bolster investor confidence in regulated cryptocurrency exposure.
The momentum behind the Bitwise XRP ETF is a clear indication of the growing acceptance and demand for cryptocurrency investments within regulated frameworks. As more investors seek out compliant avenues for digital asset exposure, the evolution of XRP ETFs could play a pivotal role in shaping the future landscape of cryptocurrency investment.
