A new player has just established itself upon its launch: Canary Capital's XRP spot ETF, traded under the symbol XRPC, recorded remarkably high activity from day one. Its debut outpaced all other ETF launches this year, showing particularly strong interest from investors, a notable result in an overall weakened crypto market.
In Brief
- XRPC saw $58.5 million in volume on its first day, marking the strongest launch of an ETF this year.
- The fund posted net inflows of $245 million on its first day, revealing very strong demand.
- Steven McClurg, CEO of Canary Funds, explained the difference between volume and net inflows, noting that some investors transferred their XRP directly into the ETF.
XRPC Records Strongest ETF Launch of the Year
After filing Form 8-A with the SEC earlier this week, XRPC began trading yesterday and immediately attracted significant attention. The fund closed its first session with over $58.5 million in volume and $245 million in net inflows.
Eric Balchunas, senior ETF analyst at Bloomberg, reported on X that XRPC now has the highest opening volume among the 900 ETFs launched this year. He says this exceeds the Bitwise Solana Staking ETF (BSOL), which recorded $57 million when it launched in late October. According to him, these two funds clearly stand out from the other launches of the year, the next being behind by more than 20 million dollars.
The market reaction was immediate: in less than 30 minutes, the fund already had $26 million in volumefar exceeding the 17 million anticipated by Balchunas.
Strong first results despite a weak market
Some observers have questioned the gap between the approximately $59 million in volume recorded and nearly $250 million in inflows. Steven McClurg, CEO of Canary Funds, explained to Crypto Prime that this difference comes from in-kind creations, not reflected in daily volume. Many investors transferred their XRP directly from their personal wallets to the ETF, and because these transactions take place off-market, they do not add to the official volume.
This strong initial response also reflects growing interest in crypto products beyond Bitcoin and Ether. Min Jung, senior analyst at quantitative trading firm Presto, points out that XRP benefits froman active retail community and strong recognition among the general public. This dynamic typically drives demand when new XRP-related products launch, contributing to the large flows seen on the first day.
Despite an impressive start, the Canary ETF ended its first session at $24.55, down 7.80% on the day. The XRP token experienced a similar development, falling by more than 6% over 24 hours. These movements were part of a general decline in the crypto market on Thursday, as Bitcoin fell to $97,000 (–5%). In total, the capitalization of the global crypto market fell by more than 6% over the same period.
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