Key Takeaways
- Canary’s spot XRP ETF posted $26 million in volume during its first 30 minutes.
- XRPC closed its first trading day with $58 million—beating every 2025 ETF debut, including BSOL.
- The debut is historic for altcoins, though still far below the record-breaking BTC and ETH ETF launches of 2024.
While most of the crypto market spent Wednesday deep in the red, XRP delivered a rare bright spot.
The first U.S. spot XRP ETF, launched by Canary Capital, hit $58 million in opening-day volume on Nasdaq, instantly becoming this year’s top-performing ETF launch out of nearly 900 new products.
An extraordinary showing for an altcoin ETF in a year marked by weak demand and heavy market drawdowns.
XRPC ETF Breaks the 2025 Record
Canary’s XRP ETF shot to the top of this year’s leaderboard within minutes of the opening bell.
The fund traded $26 million in its first 30 minutes, eventually edging out the previous record set just a week ago by the BSOL fund, which posted $57 million on debut.
The two products now dominate the 2025 newcomer list.
Together, XRPC and BSOL are drawing nearly 90% more volume than the next-closest ETF launched this year—a sign that altcoin ETFs with large communities remain the only real bright spots in a cooling category.
Speculation Swirls—But Evidence Doesn’t
XRP ETF’s debut also drew criticism.
Tech author Shanaka Anslem Perera claimed on X that Canary’s ETF was indirectly backed by a portion of XRP released from Ripple’s escrow program and allegedly acquired through OTC deals with Asian institutions.
These claims, however, remain unverified.
CCN reviewed publicly available data and found no evidence connecting Canary’s ETF to Ripple’s escrow releases.
Ripple currently releases roughly 1 billion XRP per month from its long-standing escrow program.
As of November 2025, 38 billion XRP remain locked, with no unusual movement detected surrounding the ETF’s launch.
XRP ETF Strong for Altcoins But No Match for Bitcoin
While XRPC’s performance stands out in the altcoin ETF category, it is still dwarfed by the enormous first-day debuts of Bitcoin and Ethereum ETFs.
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Bitcoin Spot ETFs (Jan 2024): $4.1 billion in opening-day trading volume and $600 million in net inflows across 11 issuers.
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Ethereum Spot ETFs (July 2024): $1.1 billion in day-one volume across nine funds.
By comparison, XRPC’s $58 million represents about 1.3% of Bitcoin’s launch numbers.
But analysts note that Bitcoin’s debut was an unprecedented category-defining event, whereas XRPC is launching into a mature ETF environment with far lower expectations.
Still, the first U.S. spot XRP ETF now holds the title of 2025’s biggest ETF debut, a symbolic win for Ripple supporters and a validation of persistent retail demand for XRP-based investment products.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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