Bitwise’s XRP exchange-traded fund (ETF) made its debut on the New York Stock Exchange today, marking a significant moment for both the company and the broader cryptocurrency community. This launch follows closely on the heels of Canary Capital’s XRP ETF, which began trading last week. According to Bitwise, this day represents a “milestone” for the XRP community, offering investors a new vehicle for gaining spot exposure to XRP, the digital currency poised to transform the global payments landscape, valued at an estimated $250 trillion.
In the hours following its launch, Bitwise’s XRP ETF reached an impressive trading volume of nearly $22 million, as reported by Bloomberg’s ETF analyst. This performance highlights the growing interest in cryptocurrency-focused financial products, especially given that this is only the second ETF of its kind to launch in the United States within a week. Canary Capital’s ETF achieved a remarkable $60 million in trading volume on its first day, underscoring the increasing momentum in this sector.
Canary Capital’s CEO congratulated Bitwise on the ETF’s launch, emphasizing that success in this space is not limited to large institutions such as BlackRock. He stated, “We are showing Wall Street that you don’t have to be BlackRock to launch the top 5 ETFs of 2025. We are rooting for you to get this one in the top 5 too, as long as you don’t knock us out of first.”
Despite the excitement surrounding these new financial instruments, the underlying asset, XRP, has faced challenges. It has decreased by 2% in the past 24 hours, slipping below the $2.00 mark, and has experienced a significant 15% decline since the launch of Canary Capital’s ETF. This decline reflects broader trends in the cryptocurrency market, which has been marked by volatility and bearish sentiment.
The recent surge in ETF launches aligns with the U.S. Securities and Exchange Commission’s (SEC) recent clarifications regarding the procedures for firms looking to introduce crypto ETFs. This regulatory shift has encouraged companies to explore new opportunities in the evolving cryptocurrency landscape.
As XRP continues to grapple with market fluctuations, analysts remain cautious yet optimistic. Many believe that the macroeconomic environment may have reached a low point, providing a potential foundation for recovery.
Jordan, the Assistant Editor-in-Chief at CryptoPotato, noted the growing interest in blockchain technology and cryptocurrency and emphasized the importance of staying informed about these developments.
In conclusion, the launch of Bitwise’s XRP ETF not only adds to the growing number of cryptocurrency-focused investment vehicles but also highlights the ongoing evolution of the financial markets. As investors navigate this landscape, the performance of XRP and its related financial products will be closely monitored in the coming weeks.
