The Rex-Osprey XRP exchange-traded fund, a new arrival on the investment scene, has achieved the most impressive launch of any ETF in the United States so far in 2025.
On September 18th, Eric Balchunas, an analyst from Bloomberg Intelligence, pointed out that the fund, identified by the ticker symbol XRPR, saw a substantial $37.7 million in trading activity. This figure marks it as the most actively traded ETF on its initial trading day this year.
According to Balchunas’ observations, the high level of trading was evident from the very beginning. In the first 90 minutes, the fund’s trading volume exceeded $24 million, surpassing the first-hour volume of any crypto futures ETF launched in 2025 by a factor of five.
Furthermore, Rex-Osprey’s related offering, a Dogecoin ETF with the ticker symbol DOJE, also garnered significant interest from investors.
Balchunas reported that the Dogecoin ETF experienced nearly $6 million in trading volume within its first hour and ultimately reached $17 million by the end of the day. This performance places it among the top five ETF launches of 2025.
These robust initial figures suggest a growing eagerness among investors for regulated pathways to invest in alternative digital assets.
Balchunas commented:
“[This is a] positive signal for the wave of 33 Act ETFs expected to arrive soon.”
Unlike the spot Bitcoin and Ethereum ETFs that began trading last year, Rex-Osprey’s ETFs utilize a structure involving Cayman Islands subsidiaries and are registered under the Investment Company Act of 1940.
This framework differentiates them from the 1933 Act funds used for spot BTC and ETH, indicating that issuers are exploring various regulatory avenues to introduce altcoins into the ETF market.
XRP and DOGE Prices Show Weakness
The substantial ETF trading volumes did not immediately translate into increased prices for the underlying cryptocurrencies.
XRP experienced a 3% decrease over the preceding 24 hours, settling at $3.02. This continues a gradual decline observed over the past week, keeping the asset’s price between $3 and $3.15, as indicated by CryptoSlate data.
Dogecoin’s price followed a similar pattern during the same period.
CryptoSlate’s data reveals that the token retreated by 2% to $0.2735 at the time of reporting, following a brief climb to a seven-month peak of $0.2879 on the ETF’s initial trading day.
This downturn illustrates the difference between market enthusiasm for ETFs and direct demand for the digital coins themselves.