XRP, Dogecoin ETFs among best debuts of the year with $55 million in combined volume

The latest crypto exchange-traded funds hit the market on Thursday and did so in somewhat historic fashion.

The REX-Osprey XRP ETF (ticker XRPR) finished the day trading $37.7 million in volume, which is the largest day-one volume launch of the year out of 710 launches, according to Bloomberg. The REX-Osprey DOGE ETF (DOJE) did about $17 million in volume, which puts it in the top five.

"Good sign for the onslaught of 33 Act ETFs coming soon," Bloomberg Intelligence Senior ETF Analyst Eric Balchunas said in a post on X . The Securities Act of 1933 was used by issuers of spot Bitcoin and Ethereum ETFs.

Rex Shares and Osprey registered the two products under the Investment Company Act of 1940 — a federal law that regulates investment funds that pool capital from investors to pursue a common investment strategy. While the funds are obligated to maintain direct holdings of the underlying tokens, like BTC and ETH ETFs , their prospectuses provide flexibility to supplement that exposure with foreign spot ETFs or similar instruments if required.

XRPR did $24 million in volume in the first 90 minutes alone, which is five times more than any of the XRP futures ETFs did, Balchunas said. Meanwhile, DOJE posted nearly $6 million in its first hour.

"That's shockingly solid... Most ETFs trade under $1m on Day One," Balchunas said .

Coincidentally, the U.S. Securities and Exchange Commission on Wednesday approved new exchange listing standards that will help fast-track crypto ETF listings. There's a "good chance" that over 100 crypto ETFs will be launched in the next year, Balchunas said.

The price of the XRP, which is the third-largest cryptocurrency, remained flat over the past 24 hours to trade at $3.08, according to The Block's price data . Dogecoin, which is the eighth-largest cryptocurrency by market cap, edged down 0.5% to $0.28.