As expected by the XRP community, the spot XRP ETF issued by Bitwise, which launched yesterday, has achieved an impressive first day inflow, according to a recent post from Bitwise’s CEO, Hunter Horsley.
According to Horsley, $XRP has met the expectations of analysts, pulling in a massive $107 million in inflows on its first day of trading despite the broad crypto market slowdown.
While this marks a successful launch for the Bitwise XRP ETF despite the prolonged crypto market downturn, it has also emerged as one of the notable and strongest ETF launches this year.
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With this impressive first day performance, it appears that the demand for spot exposure to XRP among institutional investors has continued to grow.
$XRP hits $25.7 million in first day trading volume
The launch report showcased by the firm also shows that the fund recorded an impressive $25.7 million in trading volume on day one of its trading.
Notably, this strong trading activity follows massive total assets under management, which reached $107.6 million by the close of the session.
While this strong first day performance has been attributed to the hype and optimism surrounding the fund even before its official launch, the fund’s friendly fee structure appears to have also contributed to the large trading volume.
Notably, the firm only requires investors to pay a zero percent management fee for the first month on the first $500 million in assets.
While the move seeks to accelerate adoption and attract both retail and institutional capital during its early trading phase, it has helped the fund amass notable first day inflows and trading volume.
Bitwise’s XRP ETF flips BSOL
With a massive $107,000,000 in inflows on its first day of trading, the Bitwise XRP ETF has nearly doubled the record inflows of $69.5 million achieved by the Bitwise Solana ETF on its first day.
This unmatched performance suggests that U.S. investors are more interested in gaining exposure to Ripple’s associated cryptocurrency, XRP, than in Solana.
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