U.S. First-Ever XRP & DOGE ETFs Break Volume Records — A New Cryptocurrency Milestone

Investors eagerly embraced the debut of the first Dogecoin and XRP exchange-traded funds (ETFs) in the United States, generating trading volumes far exceeding initial expectations from industry analysts.

Bloomberg ETF analyst Eric Balchunas noted on X that while most new ETFs typically record around $1 million in trading volume on their first day, these crypto-focused funds surged past that target, collectively reaching approximately $54.7 million in trades during their initial trading hours.

Launched by REX Shares and Osprey Funds on Thursday, these ETFs track the value of XRP, the third-largest cryptocurrency, and Dogecoin, the eighth-largest and leading memecoin. This marks a significant milestone in the crypto market, signaling strong investor interest in cryptocurrency-based ETFs.

Balchunas remarked that such high volume is a positive indicator for the burgeoning pipeline of crypto-related ETFs awaiting regulatory approval. Several issuers have already filed proposals for ETFs tied to various altcoins, including innovative products involving staking and other DeFi instruments.

XRP ETF Hits Nearly $40 Million in Volume

The REX-Osprey XRP ETF (XRPR), which seeks to mirror XRP’s price movements, registered a trading volume of $37.7 million, based on data from Cboe and Balchunas. The ETF experienced an exceptional start, with early reports indicating it accumulated $24 million in trading activity within just 90 minutes of market open.

Balchunas commented that this marked the “biggest day one” in terms of volume among crypto ETFs launched in 2025, with the rapid influx of trades surpassing expectations and outperforming past XRP futures ETFs by a factor of five.

Similarly, the Dogecoin ETF (DOJE) also outperformed forecasts, initially expected to reach around $2.5 million in trading volume. Instead, it soared past that figure, closing the day with approximately $17 million in volume—placing it among the top five ETF launches this year out of over 700 filings.

Regulatory Framework and Future Outlook

The ETFs for XRP and Dogecoin are registered under the Investment Company Act of 1940, a legal framework different from that used by previous crypto ETFs based on the Securities Act of 1933. This choice of registration may influence investor interest, given the shorter approval window of 75 days under the 40 Act, compared to 240 days under the 33 Act.

Unlike traditional crypto ETFs that hold digital assets directly, these new funds invest in Cayman Islands-based subsidiaries and foreign exchange-traded products in Europe and Canada that track XRP and DOGE prices, respectively. Many other crypto funds are still awaiting SEC approval, even as recent standards introduced by the regulator may streamline the approval process for future digital asset ETFs.

As the market continues to evolve, Ethereum, Bitcoin, and other digital assets remain at the forefront of crypto regulation discussions, highlighting the growing institutional interest in integrating cryptocurrencies into mainstream investment channels.