coindesk.com
Spot exchange-traded funds (ETFs) tied to the payments-focused XRP XRP$3.0495 and the top meme token, dogecoin DOGE$0.2766, debuted in the U.S. on Thursday with a bang, drawing significant trading volume.
The REX-Osprey XRP ETF, listed on the CBOE under the ticker XRPR, registered a trading volume of $37.7 million, marking the largest debut volume of any ETF launch this year, according to data shared by Bloomberg senior ETF analyst Eric Balchunas.
This first-day tally outpaced the previous record holder, Dan Ives’ Wedbush AI Revolution ETF (IVES), signaling strong investor appetite for alternative investment vehicles linked to coins beyond Bitcoin BTC$116,987.79 and Ether (ETH).
XRP’s market capitalization recently surpassed that of traditional banking giant Citigroup. Furthermore, Ripple, the company behind XRP, which facilitates cross-border transactions, has applied for a banking license in the U.S.
Traders also embraced the REX-Osprey Dogecoin ETF, ticker DOJE, which generated a first-day volume of $17 million. This placed DOJE among the top five ETF debuts of the year.
DOJE’s strong performance is notable given Dogecoin’s reputation as a non-serious meme token.
The successful launch of these two ETFs follows the SEC’s decision to approve a new, streamlined listing standard for crypto ETFs, reducing approval times to approximately 75 days from 240 days.
First-day net inflow figures are expected to be released later Friday.