The launch of the Rex-Osprey XRP exchange-traded fund has made waves in the US ETF market, with the product experiencing the strongest debut of any ETF introduced in 2025. According to Bloomberg Intelligence analyst Eric Balchunas, the XRPR ETF recorded $37.7 million in natural volume on its launch day, making it the most actively traded ETF debut of the year.
The scale of activity for the XRP ETF was evident from the opening bell, with the fund crossing $24 million in trades within just 90 minutes of launch. This impressive performance surpassed the first-hour volume seen by any crypto futures ETF launched in 2025. Additionally, Rex-Osprey’s companion product, the Dogecoin ETF with the ticker DOJE, also garnered significant interest from investors. The DOJE ETF saw nearly $6 million traded in its first hour and closed the day with a total of $17 million in trading volume, placing it among the top five ETF debuts of the year.
These strong early numbers reflect the growing investor appetite for regulated exposure to alternative digital assets. Balchunas noted that the success of the XRP and DOGE ETFs bodes well for the upcoming wave of 33 Act ETFs set to enter the market.
Unlike spot Bitcoin and Ethereum ETFs launched last year, Rex-Osprey’s products are structured through Cayman Islands subsidiaries and registered under the Investment Company Act of 1940. This different regulatory framework sets them apart from the 1933 Act funds used for spot BTC and ETH, signaling that issuers are exploring new paths to bring altcoins into the ETF market.
Despite the impressive trading volumes of the XRP and DOGE ETFs, the prices of the underlying tokens did not see immediate strength. XRP slipped 3% to $3.02, while Dogecoin dipped 2% to $0.2735. This divergence in price trends highlights the distinction between market enthusiasm for ETFs and direct demand for the coins themselves.
In conclusion, the launch of the Rex-Osprey XRP and Dogecoin ETFs has set a new standard for ETF debuts in 2025, showcasing the growing interest in regulated exposure to alternative digital assets among investors. The success of these products paves the way for a new era of altcoin ETFs and demonstrates the evolving regulatory landscape of the cryptocurrency market.