The launch of the Ripple (XRP) and Dogecoin (DOGE) exchange-traded funds (ETFs) has made headlines by combining for an impressive first-day trading volume of $54.7 million. The Ripple ETF, in particular, achieved a remarkable $37.7 million on its inaugural trading day, marking it as the largest day-one volume for any ETF launched in 2025, according to Bloomberg analyst Eric Balchunas. The Dogecoin ETF followed closely with $17 million, placing it within the top five ETF launches of the year.
Balchunas highlighted that the Ripple ETF, branded as XRPR, managed to accumulate an astounding $24 million in trading volume within just the first 90 minutes, a figure that far exceeds the opening performances of other XRP futures ETFs, which were five times smaller. Similarly, the Dogecoin ETF (DOJE) surprised analysts, who initially expected a lackluster debut of around $2.5 million but were taken aback when DOJE approached $6 million within the initial hour of trading.
However, despite the positive trading activity surrounding these ETFs, the underlying cryptocurrencies have displayed muted price movements. XRP was observed to be down 1.82%, trading at $3.04, and had decreased by 0.5% over the past week. Dogecoin also did not fare much better, down 1.97% at $0.27, though it experienced a 6.13% increase over the week.
This lack of significant price action can be attributed to the nature of the ETFs themselves. Unlike their counterparts in Bitcoin and Ethereum that are classified as “spot” ETFs, the XRPR and DOJE units don’t hold the underlying digital assets directly. They were introduced under the Investment Company Act of 1940, which allows for a quicker approval process but imposes certain restrictions, including that they cannot hold a single asset outright. Instead, the XRPR ETF invests 80% of its net assets in instruments that provide exposure to XRP and utilizes a Cayman Islands subsidiary to acquire XRP tokens. A similar structure is in place for the Dogecoin ETF.
Experts believe that the lack of direct asset ownership might be a key factor in the subdued reaction from the market. Nevertheless, anticipation is building for an influx of new spot ETFs for XRP, DOGE, and other altcoins, which are set to launch in the near future. This development has led investors to remain cautiously optimistic about the potential for significant movement in these digital asset markets as additional regulated products are introduced.
