Canary

XRP ETF

Form

<p>A new sheriff in town made its presence felt as Canary Capital’s spot XRP ETF, trading under the ticker XRPC, opened with exceptionally strong first-day activity. Its debut outpaced every other ETF launch this year, reflecting remarkably high investor interest—a notable feat given the ongoing weakness in the broader crypto market.</p>
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  <h2 class="in-brief--title" id="in-brief">In Brief</h2>
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   <li>XRPC opened with $58.5 million in first-day trading volume, marking the strongest ETF debut of the year.</li>
   <li>The fund recorded net inflows of $245 million on its first day, showing high investor demand.</li>
   <li>Canary Funds CEO Steven McClurg explained the difference between trading volume and net inflows, noting some investors transferred XRP directly from personal wallet into the ETF.</li>
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<h2 id="h-xrpc-records-strongest-etf-debut-of-the-year">XRPC Records Strongest ETF Debut of the Year</h2>
<p>After Canary Capital filed its<a href="https://www.cointribune.com/en/first-u-s-spot-xrp-etf-could-launch-today-analysts-expect/" target="_blank" rel="noopener noreferrer nofollow"> Form 8-A with the SEC</a> earlier this week, XRPC began trading yesterday and immediately attracted significant attention. The fund closed its debut session with more than $58.5 million in trading volume and net inflows of $245 million.</p>
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<p>Bloomberg Senior ETF Analyst Eric Balchunas commented on X that XRPC posted the highest opening-day volume among the 900 ETFs introduced this year. He noted that it edged out the Bitwise Solana Staking ETF (BSOL), which had $57 million in trading volume during its debut late last month. According to Balchunas, both funds stand apart from the rest of this year’s launches, with the next closest newcomer falling more than $20 million behind.</p>
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<p>The strong response was evident almost immediately. Within the first half hour, the <a href="https://x.com/EricBalchunas/status/1988988049045553202?s=20" target="_blank" rel="noopener noreferrer nofollow">fund reached $26 million</a> in volume, surpassing the roughly $17 million Balchunas had expected going into the session.</p>
<h2 id="h-strong-debut-amid-market-weakness">Strong Debut Amid Market Weakness</h2>
<p>Some market watchers questioned how the ETF could generate only about $59 million in trading activity while reporting nearly $250 million in inflows. Canary Funds CEO Steven McClurg told Crypto Prime that the gap stems from in-kind creations, which are not reflected in daily trading volume. He explained that many investors transferred XRP directly from personal wallets into the ETF, and because these moves occur off-market, they do not contribute to the recorded volume.</p>
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<p>This strong initial response also reflects growing interest in crypto investment products beyond Bitcoin and Ether. Looking more closely at XRP, Min Jung, a senior analyst at quantitative trading firm Presto, notes that the token benefits from<a href="https://decrypt.co/348641/xrp-etf-years-strongest-debut-58-million-first-day-trading" target="_blank" rel="noopener noreferrer nofollow"> a dedicated retail following</a> and broad recognition among everyday investors. This combination drives heightened participation whenever new XRP products launch, contributing to the rapid inflows observed on the fund’s first day.</p>
<p>Despite the strong turnout, the Canary XRP ETF ended its first session at $24.55, down 7.80% for the day. The decline was similar for the XRP token itself, which dropped more than 6% over the past 24 hours. This occurred amid Thursday’s <a href="https://www.cointribune.com/en/bitcoin-sentiment-crashes-while-gold-rallies/" target="_blank" rel="noopener noreferrer nofollow">wider cryptocurrency market decline</a>, following Bitcoin’s fall to $97,000, down over 5%. Overall, the global cryptocurrency market cap decreased by more than 6% during the same period.</p>

New XRP ETF Draws $58M Trading Volume, Tops This Year’s ETF Debuts

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