The newly launched XRP exchange-traded fund (ETF) from Canary Capital has made waves by achieving a remarkable record for first-day trading volume in 2025, reaching over $58 million. This launch highlights a significant demand for XRP exposure, even as the token itself faced a decline amid a broader market pullback.
Canary Capital”s ETF has quickly positioned itself at the forefront of this year”s over 900 ETF launches. Having prepared for this moment by filing its initial S-1 registration statement with the US Securities and Exchange Commission (SEC) more than a year ago, the firm finally secured approval and commenced trading on November 13. The trading activity was robust, with Bloomberg”s senior ETF analyst, Eric Balchunas, noting that the ETF recorded $26 million in trading volume within just the first 30 minutes, far exceeding initial estimates of $17 million.
By the end of the trading session, the total volume soared to $58.6 million, alongside total inflows of around $245 million. Balchunas remarked, “Congrats to XRPC for $58 million in Day One volume, the most of any ETF launched this year.” The performance of the XRP ETF surpassed that of Bitwise”s Solana ETF (BSOL), which had previously held the record with $57 million in first-day volume.
This strong performance indicates a robust appetite for XRP-linked investment products, particularly among institutional investors. Analysts suggest that XRPC is designed primarily for entities such as pension funds and hedge funds, which often face regulatory restrictions when it comes to direct cryptocurrency holdings. These investors can gain exposure to XRP through a regulated ETF, thus bypassing the complexities of cryptocurrency exchanges and self-custody.
Vincent Van Code, a crypto analyst, expressed optimism regarding the XRP ETF, suggesting it could accelerate price movements for XRP as arbitrage trading bots respond to market conditions. He stated, “The XRP ETFs will fast become hot property,” indicating a burgeoning interest in this area.
Despite the enthusiasm surrounding the ETF”s debut, XRP itself has not benefited in terms of price, experiencing a decline of 5.2% in the last 24 hours, trading at $2.3 at the time of writing, as reported by BeInCrypto Markets. This downturn reflects a broader market cooldown, with the global cryptocurrency market capitalization slipping nearly 4% to $3.2 trillion, impacting all top ten tokens negatively.
Nevertheless, the sentiment surrounding XRP appears increasingly bullish for the remainder of 2025. Factors such as a decreasing supply on exchanges, rising activity levels, and growing institutional interest contribute to a positive outlook for the token.
The XRP ETF”s record-setting performance on its first day underscores the ongoing evolution within the cryptocurrency investment landscape, highlighting both the demand for innovative products and the challenges that individual tokens face amid market fluctuations.
