Investors made significant purchases on the first trading day of the first Dogecoin and XRP exchange-traded funds (ETFs) in the U.S., far exceeding analysts' volume expectations.
Bloomberg ETF analyst Eric Balchunas stated on X that most new ETFs have trading volumes of around $1 million, but these new crypto funds performed "well," with a total trading volume of $54.7 million on the day.
Asset issuers REX Shares and Osprey Funds jointly launched the ETFs on Thursday, which track the prices of the third-largest cryptocurrency XRP and the eighth-largest cryptocurrency and largest meme coin Dogecoin (DOGE).
Balchunas added that these trading volumes are a "good sign" for the many crypto-related ETFs waiting for regulatory approval to launch. Issuers have applied for dozens of crypto ETFs related to speculative altcoins or featuring new tools like staking.
According to Balchunas and Cboe data, the REX-Osprey XRP ETF (XRPR) saw a trading volume of $37.7 million.
Balchunas noted that in terms of currency trading volume, this is the "largest first-day performance of all ETFs launched in 2025."
XRPR quickly surged upon opening, with Balchunas previously pointing out that the ETF attracted $24 million in trading volume within the first half hour of listing.
"This far exceeded my expectations," he said. "In comparison, this is five times higher than any XRP futures ETF's first-day trading volume, and that was just after 90 minutes."
Earlier on Thursday, Balchunas indicated that he expected the REX-Osprey DOGE ETF (DOJE) to have a trading volume of $2.5 million on the day, describing it as "considerable but not too special."
He later stated that his expectations were "shattered in the first hour of trading," as the ETF's trading volume approached $6 million.
"This performance is remarkably robust," he said. "Most ETFs have first-day trading volumes below $1 million."
By the close of trading on Thursday, DOJE reached a trading volume of $17 million, with Balchunas adding that this would place it among the top five of over 700 ETF issuances this year.
REX and Osprey applied for these two ETFs under different securities laws compared to most existing crypto-related exchange-traded products.
XRPR and DOJE are registered under the Investment Company Act of 1940 (the "40 Act"), while the popular Bitcoin (BTC) and Ethereum (ETH) funds launched last year were registered under the Securities Act of 1933 (the "33 Act").
Balchunas mentioned earlier on Thursday that since both ETFs are registered under the 40 Act, this "might slightly reduce interest compared to other crypto currency pioneers."
The 40 Act provides a faster approval window of 75 days, while the 33 Act requires 240 days, but it imposes certain restrictions on the assets that ETFs can hold.
XRPR and DOJE do not directly hold cryptocurrencies but invest in a subsidiary based in the Cayman Islands that holds cryptocurrencies. They also purchase shares of foreign exchange-traded products in Europe and Canada that track XRP and DOGE in an attempt to track asset prices.
Many pending crypto funds, including XRP and Dogecoin funds, are awaiting approval, as the U.S. Securities and Exchange Commission (SEC) approved ETF listing standards on Wednesday, which may expedite the approval process.
Related: Arkham: With the SEC's shift in stance, Grayscale prepares to stake Ethereum (ETH) holdings
Original article: “Rex-Osprey's XRP and Dogecoin ETFs debut strongly with $54 million in volume”
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