The newly launched Rex-Osprey XRP exchange-traded fund has posted the strongest debut of any US ETF introduced in 2025.
On Sept. 18, Bloomberg Intelligence analyst Eric Balchunas noted that the product, trading under the ticker XRPR, recorded $37.7 million in natural volume, making it the most actively traded ETF on launch day this year.
According to Balchunas, the scale of activity was clear from the opening bell. Within 90 minutes of launch, the fund had already crossed $24 million in trades, which is five times the first-hour volume seen by any crypto futures ETF launched in 2025.
Meanwhile, Rex-Osprey’s companion product, a Dogecoin ETF with the ticker DOJE, also drew heavy interest from the market.
Balchunas stated that the investment vehicle saw nearly $6 million traded in its first hour and a closing tally of $17 million. This places it among the top five ETF debuts in 2025.
The strong early numbers reflect growing investor appetite for regulated exposure to alternative digital assets.
Balchunas said:
“[This is a] good sign for the onslaught of 33 Act ETFs coming soon.”
Unlike the spot Bitcoin and Ethereum ETFs that went live last year, Rex-Osprey’s products are structured through Cayman Islands subsidiaries and registered under the Investment Company Act of 1940.
That framework sets them apart from the 1933 Act funds used for spot BTC and ETH, signaling that issuers are experimenting with different regulatory paths to bring altcoins into the ETF market.
XRP and DOGE prices falter
The heavy ETF volumes did not translate into immediate price strength for the underlying tokens.
XRP slipped 3% over the past 24 hours to $3.02, extending a week of gradual declines that have kept the asset locked between $3 and $3.15, according to CryptoSlate data.
Dogecoin price followed a similar pattern during the reporting period.
According to CryptoSlate’s data, the token pulled back 2% to $0.2735 as of press time after briefly hitting a seven-month high of $0.2879 on the ETF’s debut.
This reversal highlights the difference between secondary-market enthusiasm for ETFs and direct spot demand for the coins themselves.