The recently launched Rex-Osprey XRP exchange-traded fund (ETF) has made an impressive entry into the US market, achieving the strongest debut of any ETF introduced in 2025. On September 18, Bloomberg Intelligence analyst Eric Balchunas reported that the ETF, trading under the ticker symbol XRPR, generated a staggering $37.7 million in natural trading volume on its first day, making it the most actively traded ETF of this year at launch.
The high trading activity was evident from the moment the market opened. Within the first 90 minutes, the fund had already crossed $24 million in trades, which is five times the first-hour trading volume recorded by any other crypto futures ETF released in 2025.
In addition to the XRP ETF, Rex-Osprey also launched a Dogecoin ETF designated as DOJE, which attracted significant market attention. Balchunas mentioned that this product saw nearly $6 million traded in its first hour, ultimately closing with a total volume of $17 million. This performance places it among the top five ETF launches in 2025, further reflecting the growing investor interest in regulated digital asset exposure.
Balchunas commented on the early success of these ETFs, identifying it as a promising sign for a wave of upcoming 33 Act ETFs. Unlike the spot Bitcoin and Ethereum ETFs that debuted last year, Rex-Osprey’s initiatives are structured through Cayman Islands subsidiaries and registered under the Investment Company Act of 1940. This regulatory framework differentiates them from the 1933 Act funds used for spot Bitcoin and Ethereum, indicating that issuers are exploring various regulatory avenues to introduce alternative cryptocurrencies into the ETF market.
Despite the remarkable trading volumes, XRP and Dogecoin prices did not exhibit corresponding strength. XRP experienced a 3% decline over the past 24 hours, settling at $3.02, as it continued a week-long trend of gradual declines that confined its price between $3 and $3.15. Similarly, Dogecoin saw a 2% pullback, trading at $0.2735 after briefly climbing to a seven-month high of $0.2879 on the day of the ETF’s launch. This discrepancy highlights a distinction between the enthusiasm observed in ETF trading and the demand for the assets themselves in the spot market.
