XRP ETF Launch: Bitwise's Trading Day Compared to Canary's XRPC
The launch of the Bitwise XRP ETF occurred amid market challenges, yet it achieved impressive trading volume on its debut.
The Bitwise XRP ETF (XRP) began trading on the New York Stock Exchange yesterday, representing the second U.S. fund that offers direct 100% exposure to the asset linked to Ripple.
Despite a significant downturn across the wider crypto market, the new fund recorded approximately $26 million in trading volume on its first day.
A Strong Debut Amid Market Turmoil
This debut comes after the Canary’s XRP ETF (XRPC) launched just a week earlier, achieving nearly $60 million in its first-day volume. Bitwise’s entry was closely watched, with reports indicating it neared $22 million in volume hours into trading. By the end of the trading day, the final tally reached $25.9 million, resulting in over 1.1 million shares exchanged. Social media commentator Chad Steingraber provided real-time updates, noting that the fund’s volume surpassed $23 million with just ninety minutes remaining in the trading session. This performance positions it as the third-largest ETF debut of the year, following both the Canary’s XRP offering and the Bitwise Solana ETF.
However, this occurred against a challenging backdrop for digital assets. On the same day, Bitcoin experienced a drop near $88,000, which also dragged major altcoins down, including Ethereum and XRP.
The price of the Ripple token tested the crucial $2.00 support level, a key area identified by analysts as potentially indicating the bottom of its current decline. It has since broken below this, trading significantly lower.
Market Impact and Future Outlook
The immediate success of these two XRP-focused ETFs has ignited discussions about their long-term impact on the supply of the token. In a series of posts, Steingraber projected that if the current adoption rate persists, ETF issuers could acquire millions of XRP tokens daily. He suggested that with just these two funds, daily acquisitions might already be around 6 million XRP, which could increase significantly as more products emerge in the market.
This institutional demand could create a new dynamic for XRP, which has a dedicated retail community known as the ‘XRP Army’.
