How Bitwise’s Launch Day Matched Up Against Canary’s XRPC

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The ETF still ranked as the year’s third-largest debut despite a sharp market sell-off.

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Summarize with AI

The Bitwise XRP ETF (XRP) began trading on the New York Stock Exchange yesterday, marking the second U.S. fund to offer direct 100% exposure to the Ripple-linked asset.

Despite a sharp downturn across the wider crypto market, the new fund saw approximately $26 million in trading volume on its first day.

A Strong Debut Amid Market Turmoil

This debut follows the record-setting launch of the Canary XRP ETF (XRPC) just a week prior, which saw nearly $60 million in first-day volume. Bitwise’s entry was closely monitored, with Bloomberg reporting it neared $22 million in volume just a few hours into the session.

By the closing bell, the final tally reached $25.9 million, translating to over 1.1 million shares traded. Social media commentator Chad Steingraber, who posted real-time updates on the day of the launch, noted the fund’s volume passed the $23 million mark with ninety minutes left to trade. This performance makes it the third biggest ETF debut of the year, after Canary’s XRP offering and Bitwise’s Solana ETF.

However, it came against a difficult backdrop for digital assets. On the same day, Bitcoin fell to a seven-month low near $88,000, dragging major altcoins like Ethereum and XRP down with it.

The Ripple token’s price tested the critical $2.00 support level, a key zone that analysts like CasiTrades have identified as potentially marking the bottom of its current correction. It has since given in, and the asset now trades well below it.

Market Impact and Future Outlook

The immediate success of two XRP-focused ETFs has sparked discussion about their long-term effect on the token’s supply. In a series of posts on X, Steingraber projected that if the current adoption rate continues, ETF issuers could collectively acquire millions of XRP tokens daily.