The newly launched REX-Osprey XRP ETF (XRPR) recorded the largest first-day “natural” trading volume of any U.S. ETF debut in 2025.
Bloomberg Senior ETF Analyst Eric Balchunas revealed the milestone in a tweet on Thursday. The development further confirmed strong institutional and retail appetite for XRP-backed products.
XRP ETF Tops 2025 ETF Debuts with $37.7 Million Volume
According to Balchunas, XRPR traded $37.75 million on its first day, edging out the previous record held by the Dan Ives Wedbush AI Revolution ETF (IVES) for the highest day-one natural dollar volume of any 2025 ETF launch.
Its sister product, the REX-Osprey DOGE ETF (DOJE), also impressed with $17 million in trading volume. This ranks it among the top five ETF launches this year, out of 710 new products.
Balchunas described the strong opening as a positive signal for the upcoming “onslaught of 33 Act ETFs”. Notably, he was referring to other spot ETFs currently under SEC review, filed under the Securities Act of 1933.
Meanwhile, the SEC approved the newly launched XRP and Dogecoin ETFs under the Investment Company Act of 1940, which allows for a more streamlined approval process. Most of the other spot ETFs under review have decision deadlines in October.
Pivotal Moment for XRP Investment Access
XRPR is the first U.S.-listed exchange-traded fund providing spot exposure to XRP, offering investors a regulated channel to hold the crypto asset via traditional brokerage accounts.
It went live on Thursday and has already seen massive trading volume. Notably, the fund allocates 80% of its assets to XRP, with the remaining 20% in futures, Treasuries, and money market funds.
Interestingly, the launch coincides with the SEC’s approval of Grayscale’s Digital Large Cap Fund. For context, this is the first U.S. multi-asset crypto ETP, which includes XRP alongside Bitcoin, Ether, Solana, and Cardano.
Institutional Demand Continues to Climb
The success of the new XRP ETF aligns with several records set by related products.
Notably, CME Group’s XRP futures crossed $1 billion in open interest in just over three months, making it the fastest crypto contract on the platform to reach that level.
Meanwhile, futures-based XRP ETF products, including Teucrium’s XXRP and Volatility Shares’ XRPI, have already surpassed $800 million in combined assets under management.
When XXRP launched in April, it recorded a strong $5.43 million in first-day volume despite a bearish market, price dips, and liquidations. This figure outperformed Solana’s 2x ETF debut by nearly 4x in trading volume.
These record-breaking numbers confirm growing institutional appetite for XRP.
All Eyes on October XRP ETF Decisions
The record-breaking debut of XRPR comes ahead of the U.S. SEC’s October deadlines to rule on more than ten additional spot XRP ETF applications. Analysts estimate the chance of approval as high as 95%.
With such high expectations, the market is already pricing in a potential 300% surge in XRP’s value. According to experts, these ETFs could trigger a wave of inflows up to $5 billion in four weeks.
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