Key Takeaways
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The newly launched Ripple ETF has seen the largest day-one trading volume of any ETF launched this year.
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The Dogecoin ETF ranks in the top 5 launches for the year.
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Price action has been muted, likely because XRPR and DOJE aren’t spot ETFs.
The newly launched Ripple (XRP) and Dogecoin (DOGE) exchange-traded funds (ETFs) recorded a combined $54.7 million on their first day of launch.
Yet their underlying tokens showed little reaction, with both continuing to move sideways.
REX-Osprey’s newly launched Ripple ETF XRPR recorded $37.7 million during its first day of trading, which, according to Bloomberg analyst Eric Balchunas, makes it the largest day one volume for ETFs in 2025.
Furthermore, he notes that XRPR tallied $24 million in volumes within its first 90 minutes of trading.
He added that this was five times larger than any of the XRP futures ETFs on their first day. Balchunas explains this was larger than he’d expected.
Similarly, the analyst was surprised by the REX-Osprey ETF, DOJE, which notched $17 million in volume traded on day one.
He’d anticipated around $2.5 million, “nothing too special”, and had his predictions “destroyed” in the first hour of trading, during which DOJE had almost clocked $6 million in volume.
For traders and investors hoping these ETFs would become a springboard for the price of XRP and DOGE just as they were for Bitcoin and Ethereum, there’s been some dissapointment.
At present, XRP is trading down 1.82% in the past 24 hours at $3.04, and down 0.5% for the week.
Similarly, DOGE is down 1.97% at $0.27, though conversely, it’s trading up 6.13% for the week.
Things are different this time around.
These two ETFs aren’t spot ETFs. They don’t hold the underlying digital assets directly.
This is because they took a different application route, using the Investment Company Act of 1940, as opposed to the Securities Act of 1933, the latter of which BTC and ETH ETFs were launched with.
The 1940 Act can fast-track the approval window, but it comes with some caveats, namely, in what the ETF is allowed to hold.
These ETFs cannot hold a single asset. For example. XRPR comprises 80% of net assets in instruments that provide exposure to XRP.
More specifically, XRPR invests in a Cayman Island subsidiary that acquires XRP tokens, and it also purchases shares in foreign ETPs that track XRP.
The same can be said for Dogecoin’s DOJE. This is likely the reason that markets have barely responded to the news, they’re not ‘true’ spot ETFs.
That said, there’s plenty of other spot XRP, DOGE, and other altcoin ETFs piling up, and many are expected to launch this year.
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