- Canary’s Spot XRP ETF (XRPC) set a 2025 record with $58.6M in day-one trading volume.
- Analysts like Nate Geraci call this a “crypto takeover,” noting that crypto ETFs are dominating the 900+ other “traditional” ETF launches by activity.
- The trend (first SOL, now XRP) proves demand has been “consistently underestimated.”
The record-shattering debut of Canary Capital’s new spot XRP ETF (XRPC) is highlighting what analysts are calling a “takeover” of the entire 2025 ETF market by crypto products. The fund’s “shock and awe” $58.6 million in day-one trading volume proves that institutional and retail demand for digital assets has been “consistently underestimated.”
Related: 11 XRP ETF Listings Surface on DTCC—But How Close Are They to Launch?
A “Shock & Awe” Debut: $58.6M in Volume Shatters 2025 Launch Records
Canary Capital’s XRPC delivered the strongest first-day performance of any ETF launched in 2025, dominating a crowded field of over 900 fund debuts by trading volume
According to market data referenced by Bloomberg ETF specialists, Eric Balchunas, XRPC generated $26 million in trading volume within its opening 30 minutes, surpassing internal projections that pointed to roughly $17 million during that window. By the end of the session, sales climbed to approximately $58.6 million, placing the fund at the top of the year’s debut rankings. Total inflows reached an estimated $245 million on the first day.
Canary Capital had been preparing for the launch for more than a year after submitting its S-1 registration filing to the U.S. Securities and Exchange Commission. The firm removed its delaying amendment in late October, then filed Form 8-A earlier this week, clearing the final procedural step before trading began.
The “Crypto Takeover” Thesis: A Trend of Underestimation
This performance led prominent ETF analyst Nate Geraci to frame the launch as part of a “crypto takeover” of the ETF space. In a post on X, Geraci noted that investor interest in spot crypto ETFs has been “consistently underestimated.”
The data supports this thesis. The fact that the top “rookie” ETF launches of the year by activity are “niche” crypto products, rather than one of the 900+ “traditional” equity or commodity funds, signals a powerful, emerging trend. Geraci added that the crypto space “continues to be the story” in the ETF market.
The “Sell-the-News” Paradox: Spot Price Dips 10%
In a classic “buy the rumor, sell the news” event, this massive wave of ETF trading activity was met with a sell-off in the spot market.
Despite the fund’s successful debut, the spot price of XRP now trading under $2.30 faces downward pressure, declining more than 9% over the past 24 hours.
The “New Bid”: Analysts See a Deeper Institutional Pipeline
Despite the spot price dip, analysts see the record-breaking volume as the key bullish signal. During a recent interview, Canary Capital CEO Steven McClurg stated that XRP’s liquidity profile and global usage patterns position the token for major institutional participation, comparing its expected demand to the early performance of other digital-asset ETFs.
Meanwhile, regulatory developments continue to shape the ETF future. The Depository Trust and Clearing Corporation recently listed five spot XRP ETFs in its active and pre-launch category, following updated SEC guidance issued after the temporary U.S. government shutdown on Oct. 1.
Related: First XRP ETF (XRPC) Launched, Now MOG ETF Filed: Canary Capital’s Aggressive New Strategy
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Source: https://coinedition.com/xrpc-record-debut-highlights-xrp-takeover-of-etf-markets-analysts/