Canary’s Capital’s newly launched XRP exchange-traded fund (ETF) has surged to the top of 2025’s ETF debuts, posting the highest day-one trading volume among more than 900 launches this year.
While the ETF saw strong performance, XRP itself continues to face market headwinds, with the price dropping over 5% in the past day.
SponsoredCanary Capital’s XRP ETF Outperforms All New ETFs in 2025
Canary Capital had been preparing for this debut since filing its initial S-1 registration statement with the US Securities and Exchange Commission (SEC) over a year ago. BeInCrypto reported that the asset manager removed the delaying amendment from its filing in late October.
Then, earlier this week, Canary submitted Form 8-A and secured approval shortly thereafter. Trading commenced on November 13, and XRPC proved to be quite successful.
Bloomberg senior ETF analyst Eric Balchunas highlighted that XRPC notched $26 million in trading volume within its first 30 minutes, far exceeding earlier estimates of around $17 million. By the end of the session, volume nearly doubled to $58.6 million. Furthermore, total inflows reached around $245 million.
“Congrats to XRPC for $58 million in Day One volume, the most of any ETF launched this year (out of 900),” Balchunas added.
XRPC’s debut narrowly edged out Bitwise’s Solana ETF (BSOL), which posted $57 million in first-day volume. The performance highlights a strong appetite for XRP-linked investment products.
An analyst suggested XRPC is tailored more for institutional investors than retail traders. Entities such as pension funds, family offices, and hedge funds, which face regulatory and compliance barriers to direct crypto holdings, stand to benefit the most.
SponsoredThese investors can access XRP exposure through a regulated vehicle, avoiding the complexities of exchanges or self-custody.
“The XRP ETFs will fast become hot properly, and I think until arbitrage trading bots catch up, we might see an accelerated price pump ahead of XRP price pump,” Vincent Van Code wrote.
Meanwhile, Nate Geraci, president of NovaDius Wealth Management, noted that nearly every spot crypto ETF launch has “significantly” exceeded expectations from traditional finance. He suggested that while skepticism among legacy institutions persists, investor behavior paints a different picture.
“Top ETF launches last 2yrs dominated by crypto,” he added.
Nonetheless, the enthusiasm around the ETF’s debut has not translated into gains for XRP itself. The token dropped 5.2% in the past 24 hours, trading at $2.3 at press time, according to BeInCrypto Markets data.
XRP’s decline reflects a broader market cooldown. The global crypto market capitalization has slipped nearly 4% over the same period to $3.2 trillion, with all top ten tokens in the red.
Nevertheless, sentiment around XRP is becoming increasingly bullish for Q4 2025. A shrinking exchange supply, rising activity, and growing institutional and technical momentum are all reinforcing the positive outlook.
