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On Thursday, asset-manager Canary Capital launched the U.S. spot-based ETF tied to the token XRP under the ticker XRPC and recorded approximately $58 million in trading volume on its first day a benchmark that stands as the largest debut by any ETF launched so far in 2025.
The debut figure narrowly edges out the prior first-day record set by the spot ETF for Solana (ticker BSOL), which achieved about $57 million in volume.
According to Bloomberg analyst Eric Balchunas, this places XRPC well ahead of nearly 900 ETF launches this year, with the third-place debut lagging by over $20 million.
Why the strong start matters
This milestone arrives despite a broader backdrop of crypto market weakness. The overall digital-asset sector is under pressure, yet investor interest in regulated vehicles that offer altcoin exposure appears resilient. The successful launch of the XRPC ETF suggests that institutional and retail investors alike are keen for more mainstream access to XRP via regulated structures.
Furthermore, the XRPC fund is noteworthy because it offers direct exposure to the spot price of XRP, rather than using derivatives or futures. This is a meaningful distinction given investor demand for transparency and simplicity in product structure.
Market reaction & implications
Despite the strong debut of the ETF, the underlying XRP token saw a modest pullback. One crypto-market tracker reported that XRP fell about 8% in the 24 hours following launch, as macro risk-off sentiment weighed on altcoins.
This dynamic underscores an important nuance: while the ETF launch signals confidence and opens a new institutional on-ramp, the broader token market remains subject to volatility.
From an investment-product perspective, the XRPC debut sends two key messages:
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Super-rapid investor uptake of crypto vehicles (even in softer markets) reflects pent-up demand for regulated crypto exposure.
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The launch may encourage additional spot crypto ETFs tied to other altcoins, opening up further diversification opportunities for investors.
Looking ahead: Risks & opportunities
There are several variables worth watching in the weeks and months ahead:
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Sustained inflows: Whether the strong first-day volume translates into consistent new money over time, or whether the launch merely captured headline-driven interest.
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Token correlation: Although this ETF gives access to XRP, the token remains exposed to broader crypto market trends, meaning a positive ETF launch doesn’t immunise it against sector-wide declines.
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Regulatory evolution: The success of this product could motivate other managers to file similar spot-based altcoin ETFs, increasing competitive pressures and investor choice.
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Utility vs speculation: XRP’s fundamental use case cross-border payments infrastructure through the XRP Ledger may become a differentiator if institutional capital increasingly values utility-linked tokens rather than purely speculative plays.
In short, the XRPC debut marks a major step in the evolution of crypto investment products. It may not mean that XRP’s price will rocket overnight, but it does suggest institutional appetite for altcoins via regulated channels is alive and well even in a cautious market.
FAQs
Q1: What is the XRPC ETF?
The XRPC ETF is a U.S. spot exchange-traded fund launched by Canary Capital that gives investors direct exposure to the cryptocurrency XRP, tracking its underlying price rather than relying on derivatives.
Q2: Why is the first-day volume of $58 million significant?
A debut volume of ~$58 million makes XRPC the strongest ETF launch so far in 2025 by trading volume. It signals investor interest in crypto ETFs beyond the major coins.
Q3: Does this launch guarantee that XRP’s price will go up?
Not necessarily. While the ETF is a bullish indicator of investor demand, XRP’s price remains influenced by overall crypto market sentiment, regulatory news, and token-specific fundamentals. For example, the token still fell shortly after launch.
Q4: How does this ETF differ from previous crypto ETFs?
The key difference is that XRPC is a spot ETF for an altcoin (XRP). Many previous products were for major coins like Bitcoin or Ethereum, or used futures/derivatives rather than spot holdings. This may offer more direct exposure and potentially lower tracking error.
Q5: What risks should investors be aware of?
Major risks include crypto market volatility, regulatory changes, liquidity risks in smaller altcoins, and the possibility that initial launch momentum may fade. Even with strong first-day volume, long-term performance is not assured.
Q6: Could more altcoin ETFs be launched soon?
Yes. The success of XRPC and similar launches may incentivise other asset managers to file for spot ETFs tied to other tokens. That could increase investor choice and competition in the crypto-ETF space.