XRP and Dogecoin ETFs See Record Inflows

- The first US spot XRP ETF, Canary Capital's XRPC, launched on November 13, 2025, recording over $46 million in trading volume on its first day and attracting nearly $250 million in inflows. This was followed by a wave of competing XRP ETFs from firms including Grayscale, Franklin Templeton, Bitwise, and 21Shares. - The first US Dogecoin ETF, the REX-Osprey Dogecoin ETF (DOJE), debuted on September 18, 2025, with $17 million in first-day volume, significantly exceeding initial forecasts of $2.5 million. This ETF was structured under the Investment Company Act of 1940, which allowed it to bypass the lengthier review process faced by spot ETFs filed under the Securities Act of 1933. - Grayscale later converted its existing trusts into spot ETFs, launching the Grayscale XRP Trust (GXRP) and Grayscale Dogecoin Trust (GDOG) on NYSE Arca around November 25, 2025. While GXRP saw a moderately successful launch with $67.4 million in net inflows, the GDOG debut was notably subdued, with just $1.41 million in volume and zero net inflows on its first day. - Despite the strong trading volumes for the initial XRP ETF launch, the underlying asset experienced a "sell-the-news" reaction, with the price of XRP dipping 2.7% from roughly $2.50 to $2.28. Conversely, DOGE rallied 17-21% in the week leading up to its first ETF launch. - The approval of these altcoin ETFs follows a significant trend of institutional capital rotating beyond Bitcoin. In the third quarter of 2025, spot Ether (ETH) ETFs attracted $9.6 billion in inflows, surpassing the $8.7 billion that went into spot Bitcoin (BTC) ETFs during the same period. - The regulatory pathway for these products was paved by the SEC's acknowledgment of Grayscale's applications in February 2025 and the introduction of new fast-track standards for crypto ETPs in September 2025. This has led to a pipeline of over 100 filings for other altcoin ETPs, with funds for Chainlink, Solana, and Cardano widely anticipated by market participants.