XRP ETF Debuts with a Bang and a Whimper: $21.7M Shaken but Not Stirred

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Key Takeaways

How did Bitwise’s XRP ETF perform on launch day?

Imagine opening a nightclub and having $21.7 million in total drinks served – only to close the evening 7% lower than when the doors first swung open. That’s pretty much the story of Bitwise’s XRP ETF. It traded 1.13 million shares, starting at a reasonably shiny $24.15 but ended the day at a modest $22.46, leaving everyone scratching their heads and wondering if they should have brought a parachute.

How does this compare to Canary’s XRPC?

Meanwhile, Canary’s XRPC is out there mugging the scene with a cool $268.88 million in assets, and a hefty $292.61 million flowing in since its launch. Please note, that’s almost three times the coffee budget at your typical startup. Just to add spice, XRPC pulled in another $15.82 million on November 19-like a cash infusion from the gods of crypto. The ETF winded down the day with a little less sparkle, but apparently, traders still found it fun enough to throw a candle at it.

Finviz data reveals the ETF kicked off at $24.15, fluctuated between $24.15 and a dismal $22.12, before settling at the poetically unfortunate $22.46 – a 7% drop from its starting point. And let’s not forget – a bustling $26 million moved around, which suggests some serious market mojo or just a bunch of traders with time on their hands.

James Seyffart, Bloomberg’s ETF analyst with a name that sounds like a villain from a spy novel, pointed out that three hours before the market’s curtain call, there was that tidy $21.7 million turnover with over a million shares swapped faster than you can say “digital gold rush.”

This marks only the second shot at a U.S. spot XRP ETF, arriving just a week after Canary’s XRPC decided to crash the party. It’s a bit like showing up late to the dance and pretending you’re the star-but hey, better late than never, right?

Entering a market Canary already dominates

Bitwise’s debut is like bringing a spoon to a knife fight-because Canary’s XRPC already scooped up a cool $292.61 million, making it the big fish in this comparatively tiny pond.

According to SoSoValue, XRPC has total net assets of $268.88 million, which is roughly 0.22% of XRP’s entire market cap-a number that makes you think “Wow, that’s cute.” And on November 19, it raked in another $15.82 million, proving that even after its “launch,” the crowds keep pouring in-because who doesn’t love a good crowd sourced from institutional investors?

Even though Bitwise arrived seconds shy of the start gun, Seyffart called their turnover “impressive,” proving that it’s not just about being first but looking good doing it. Valkyrie’s shiny banker Steven McClurg threw in a few words of praise, claiming “You don’t have to be BlackRock to launch a top ETF” – which is an oddly comforting thought for the little guys.

Of course, the price movement seemed to ride the crypto market’s mood swings all day. XRP’s spot prices jiggled and jived, like a toddler on a sugar high, and the ETF mirrored this chaos. By day’s end, the decline left analysts pondering-was this a genuine rush of new institutional love, or just traders flipping it faster than a pancake?

Official numbers will only arrive after the next settlement cycle – kind of like waiting for the morning after the party when the real damage (or glory) can be assessed by the powers that be.

Platforms like SoSoValue, Farside Investors, and Bloomberg Terminal will have all the juicy details by November 21-just enough time to brew a fresh pot of coffee and analyze the mayhem.

Bitwise’s pitch? A low-fee, U.S.-regulated way for folks to get their XRP fix without jumping into the deep end. But whether this first impression turns into a real party-or just a lonely dance in the shadows-remains to be seen. Tomorrow’s numbers will tell whether traders’ enthusiasm was just a passing fancy, or if there’s real money lurking behind the screen, ready to rival Canary’s early lead.

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2025-11-21 03:29