The Canary XRP ETF commenced trading in the United States on Thursday, marking a significant moment in the cryptocurrency investment landscape. According to Bloomberg Senior ETF Analyst Eric Balchunas, the fund displayed remarkable early momentum, achieving an impressive $26 million in trading volume within the first 30 minutes of trading. This rapid influx surpassed his initial full-day projection of $17 million, suggesting a strong market appetite for the new offering.
Balchunas noted on social media platform X that the performance of the XRP ETF might challenge the debut record previously set by Bitwise’s Solana Staking ETF, which garnered $57 million in trading volume on its first day in 2025. He expressed his surprise at the early trading figures, stating, “Wow, gonna blow away my $17M guess,” and emphasized that the XRP fund has a solid chance of becoming the largest debut of the year.
The Canary XRP ETF was registered with the SEC just days prior, following the filing of an 8-A form. It tracks the spot price of XRP, which is currently the fourth-largest cryptocurrency by market capitalization. This new ETF is the second U.S. XRP ETF to be launched, following Rex-Osprey’s offering in September, which attracted $38 million on its first day and has since grown to manage over $128 million in assets.
In assessing the potential for XRP funds in attracting significant inflows, ETF.com Senior Analyst Sumit Roy remarked earlier this week that while Solana might be more popular in some circles, the rapid growth of the Bitwise ETF—reaching $500 million in just two weeks—indicates a robust demand for cryptocurrency investment options beyond Bitcoin and Ethereum.
As of the latest data, XRP’s price saw a 3% increase, reaching $2.42, contrasting with the declines seen in other major cryptocurrencies such as Bitcoin and Ethereum, which were in the red for the day. The overall crypto market remained relatively flat according to CoinGecko.
Market analysts pointed out that the launch of the Canary ETF could positively influence XRP’s price trajectory in the near future, especially amid growing institutional interest and a reduction in macroeconomic concerns, such as the resolution of the recent U.S. government shutdown. The expectation is that the Canary XRP ETF may not only attract significant investments but also turn investor focus towards XRP amid an evolving crypto market landscape.
