New records were shattered yesterday, September 18, following the launch of REX-Osprey’s new U.S. spot crypto exchange-traded funds (ETFs).
One of them, the Dogecoin (DOGE) ETF trading under the ticker DOJE, racked up nearly $6 million in trading volume within an hour.
To put things into perspective, within just sixty minutes, the fund generated six times the typical volume of an average ETF launch, which usually sees around $1 million on the first day.
‘New crypto ETF onslaught’
REX-Osprey’s other product, the spot XRP ETF under the new ticker XRPP, likewise beat all expectations, generating nearly $25 million in trading volume in around an hour and a half.
The explosive launch left the market in a state of shock, with Balchunas further predicting ‘a new onslaught’ of ETFs while emphasizing DOJE as a top 5 performer for the year.
The SEC opens door for new crypto products
In the background, the U.S. Securities and Exchange Commission (SEC) approved new generic listing standards for commodity-based trusts on Wednesday, September 17, allowing trusts that meet defined criteria to list without a separate SEC order.
According to the SEC, trusts must trade their underlying assets on surveilled markets while maintaining futures histories or already back ETFs with significant exposure.
Additional requirements include daily publication of holdings, net asset values, and liquidity policies. In addition, market makers will face trading limits and firewalls implemented to prevent misuse of non-public information.
These developments could potentially open the door for new crypto products beyond Bitcoin (BTC) and Ethereum (ETH).
Featured image via Shutterstock
Source: https://finbold.com/dogecoin-etf-hits-6x-the-average-etf-volume-on-day-1/
