The market welcomed two groundbreaking ETFs in the United States as XRP and Dogecoin $0.274836 ETFs began trading on Thursday, recording an impressive 55 million dollars in their first-day trading volume. This substantial volume places XRP and Dogecoin ETFs amongst the most remarkable ETF launches of the year, making a significant splash in the financial markets.
XRP and Dogecoin ETFs’ Dazzling Debut
The REX-Osprey XRP ETF (XRPR) marked its entry into the market with a remarkable trading volume of 37.7 million dollars on its first day. According to Bloomberg data, this volume represents the highest first-day trading volume among 710 ETFs launched throughout the year. Similarly, the REX-Osprey Dogecoin ETF (DOJE) achieved a notable first-day trading volume of approximately 17 million dollars, placing it in the top five ETFs launched this year.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, noted that XRP ETF’s volume reached 24 million dollars within the first 90 minutes, surpassing the volume of previously launched XRP futures ETFs by a factor of five. Meanwhile, the DOJE ETF generated nearly 6 million dollars in trading volume during its first hour of trading.
ETF launches are recorded under the United States’ 1940 Securities Act. Similar to Bitcoin $117,181 and Ethereum $4,532 ETFs, these ETFs are required to hold cryptocurrencies directly in custody. Additionally, they can provide support through foreign spot ETFs or similar instruments if needed.
A glance at market pricing reveals that the first-day results did not significantly impact the prices. XRP remained steady at 3.08 dollars in a 24-hour period, while Dogecoin experienced a slight dip of 0.5% to 0.28 dollars. Despite the high trading volume in the ETFs, the prices remain stable for the time being.
A New Era for Crypto ETFs with SEC Approval
On Wednesday, the United States Securities and Exchange Commission ( SEC ) approved new ETF listing standards, paving the way for faster market entries for crypto ETFs. Experts anticipate that over 100 new crypto ETFs will debut within the upcoming year, further diversifying investment opportunities in the digital asset space.
