XRPR’s $37.7M Day-One Flows Signal Altcoin ETF Era

• XRPR’s record $37.7M launch marks strongest debut for a U.S. altcoin ETF to date
• DOJE posted $17M in day-one flows, bringing combined debut turnover to $54M+
• SEC’s new 1940 Act standards clear path for Solana, Cardano, and BNB ETF filings

XRPR logged $37.7 million in day-one flows on Sept. 18, 2025, the largest debut for any U.S. altcoin ETF. The REX-Osprey XRP ETF launched under the Investment Company Act of 1940 (RIC framework), offering spot exposure to XRP through a hybrid structure of direct holdings, foreign ETPs, and derivatives.

The debut came alongside DOJE, the first U.S. Dogecoin ETF, which posted $17 million in launch volume. Combined, the two funds cleared more than $54 million in first-day trading — the strongest start for altcoin ETFs to date.

Why $37.7M Day-One Flows Matter

Bloomberg ETF analyst Eric Balchunas called XRPR’s debut a “surprise,” noting it drew nearly five times the flows of XRP futures ETFs. Within just 90 minutes, XRPR turned over $25 million, highlighting both institutional and retail demand.

The performance puts XRPR’s start ahead of most non-crypto ETFs this year and close to Bitcoin and Ether spot ETF launches in 2024, showing that altcoins now command serious attention in regulated investment products.

Related: REX-Osprey Files for Second-Ever BNB Staking ETF, Helps in BNB’s 3% Rebound

1940 Act Structure Sets XRPR Apart

Unlike Bitcoin and Ether spot ETFs built as 1933 Act trusts, XRPR operates under the 1940 Act RIC structure. That means:

• Faster approvals (about 75 days vs. up to 240 days).
• Mutual-fund style oversight with stricter liquidity and diversification rules.
• Hybrid holdings, since direct crypto custody is limited.

This setup gives XRPR credibility with compliance teams but also creates tracking-error risk that traders must account for.

SEC Standards Open Door To More Altcoin ETFs

The debut coincided with SEC adoption of generic listing standards for commodity-based ETFs, which allow exchanges to list products like XRPR without individual 19b-4 orders. 

Related: ‘Floodgates are opening’: Bloomberg’s Seyffart names the next likely altcoin ETFs

Analysts now expect filings for Solana, Cardano, and BNB ETFs to accelerate under this template.

XRP Price Action Into Launch

XRP traded between $3.12 and $3.04 during XRPR’s debut session, closing near $3.05 after mild selling pressure. Market cap hovered around $182 billion with daily trading volume down ~9% to $6.2 billion. 

The price action showed that ETF enthusiasm did not immediately trigger a breakout, but support held near $3.00, keeping XRP’s long-term bullish structure intact.