The Ripple (XRP) and DOGE Spot ETF launched by REX-Osprey was listed for trading on September 18, achieving an impressive result on its first day with a total volume of 55 million USD, making it the product with the highest trading volume on the first day among the 710 newly listed ETFs this year. This outstanding performance not only demonstrates the strong demand for Crypto Assets ETFs but also lays a positive foundation for the future development of crypto ETFs.
XRP and DOGE ETF first day volume set a historical record
According to Bloomberg, the REX-Osprey XRP ETF (stock code: XRPR) achieved a first-day trading volume of $37.7 million, while the REX-Osprey DOGE ETF (stock code: DOJE) had a trading volume of approximately $17 million, bringing their total to over $55 million. This performance places both of them in the top five of this year's newly listed ETFs by first-day trading volume, with XRPR ranking at the top.
The first day trading performance is impressive
The performance of XRP is particularly outstanding:
· Achieved a trading volume of 24 million dollars within just 90 minutes after the market opened.
· Far surpassing the first-day performance of XRP futures ETF
· DOJE raised nearly $6 million within the first hour of its listing.
Bloomberg Industry Research senior ETF analyst Eric Balchunas stated on social media platform X: “This is really shocking… Most ETFs have a trading volume of less than $1 million on the first day.” He further commented, “This is a good sign for the upcoming launch of the 33 Act ETFs.”
Regulatory Path Different from Bitcoin ETF
It is worth noting that Rex Shares and Osprey registered these two products under the Investment Company Act of 1940, rather than the Securities Act of 1933 followed by spot Bitcoin and Ethereum ETF issuers. The 1940 Act is a federal law designed to regulate investment funds that pool money from investors to implement a common investment strategy.
Although these funds are obligated to directly hold the underlying tokens, their prospectus provides flexibility, allowing them to supplement risk exposure through investments in foreign Spot ETFs or similar instruments when necessary, which offers more possibilities for product design.
SEC New Rules Pave the Way for Crypto ETF
Coincidentally, on September 17, the U.S. Securities and Exchange Commission (SEC) approved new exchange listing standards, which will help expedite the listing process for cryptocurrency ETFs. Balchunas stated that it is very likely that more than 100 cryptocurrency ETFs will be listed next year, indicating that the crypto ETF market is on the verge of an explosion.
This development aligns with the overall maturity of the Crypto Assets market. As the regulatory environment becomes clearer, institutional investors' acceptance of Crypto Assets continues to rise, and more innovative products are expected to enter the market.
The successful launch of the XRP and DOGE ETFs not only provides broader investment channels for these two Crypto Assets but also sets a new milestone for the entire crypto ETF market, indicating that crypto financial products are accelerating their integration into the traditional financial system.
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