4 Minutes
Spot XRP and Dogecoin ETFs open with record trading activity
The U.S. debut of two spot exchange-traded funds linked to major altcoins drew substantial investor interest on day one. The REX-Osprey XRP ETF (XRPR) and the REX-Osprey Dogecoin ETF (DOJE) together recorded $54.7 million in combined trading volume, underscoring growing appetite for crypto ETFs beyond bitcoin and ether.
Key first-day figures
The XRPR listing on Cboe logged $37.7 million in trading volume, making it the largest ETF debut so far this year. DOJE followed with $17 million in trading activity, putting it among the top five ETF launches in 2025 by debut volume. Bloomberg senior ETF analyst Eric Balchunas shared the XRPR figures, which surpassed the previous record set by the Wedbush AI Revolution ETF (IVES).
These initial volumes reflect both speculative trading and institutional recognition of spot ETFs tied to non-BTC, non-ETH cryptos. Market participants are watching daily inflows and net asset movements closely as first-day net inflow reports are expected to be published later this week.
Why this matters for the crypto ETF landscape
The strong debut occurs against the backdrop of a streamlined U.S. approval process for crypto ETFs. The Securities and Exchange Commission (SEC) adopted a new standard that has reduced ETF review timelines from roughly 240 days to about 75 days, accelerating the pace at which issuers can bring spot crypto products to market.
Altcoin ETFs and market implications
XRP’s recent market-cap milestone — surpassing that of major banking firm Citigroup — and Ripple’s ongoing regulatory and banking efforts have likely contributed to investor interest in XRPR. Ripple has also applied for a U.S. banking license, a development that adds context for investors weighing exposure to the XRP ecosystem via a regulated ETF structure.
Dogecoin’s DOJE performed strongly despite the token’s legacy as a meme-based asset. The DOJE debut demonstrates that even historically speculative tokens can attract substantial ETF trading if packaged in a spot, exchange-traded product that meets regulatory standards.
What traders and investors should watch next
Market participants will be monitoring several metrics in the coming days and weeks:
- Net inflows and outflows for XRPR and DOJE on settlement and T+1 reports.
- Volume trends relative to BTC and ETH spot ETFs and other altcoin ETFs.
- Any follow-on ETF filings or approvals for additional altcoins now that the SEC approval timeline has shortened.
Regulatory and market context
The SEC’s faster review process may encourage more issuers to propose spot ETFs tied to alternative cryptocurrencies. For investors, that could mean broader options for regulated exposure to altcoins through traditional brokerage channels. At the same time, volume spikes on debut days do not guarantee sustained inflows; longer-term adoption will depend on liquidity, custody arrangements, and continued regulatory clarity.
Overall, the $54.7 million combined debut volume for XRPR and DOJE is an early sign that investor appetite for crypto ETFs tied to altcoins is growing. Traders and institutional allocators will be watching subsequent inflow reports and secondary-market liquidity to assess whether this initial demand translates into durable investment patterns in the altcoin ETF space.
Source: coindesk
Leave a Comment