Bitwise XRP ETF records $25M in first-day trading, falling short of projections

Bitwise’s XRP ETF recorded $25 million in trading volume on its first day, falling short of early projections that suggested the fund could reach $90 million.

The launch comes after Canary Capital’s XRPC ETF set the bar with $58 million in first-day volume earlier this year, making it the top-performing ETF debut of 2025. Despite the shortfall, Bitwise executives framed the opening as a strong start amid challenging market conditions.

Physically Backed XRP Adds Investor Confidence

The Bitwise XRP ETF is physically backed by spot XRP held in custody by Coinbase, reducing exposure to synthetic or derivative instruments. To limit market manipulation, the ETF compares its net asset value against the CME CF XRP-Dollar Reference Rate – New York Variant, which aggregates pricing from multiple exchanges.

“Investors want confidence that the product reflects actual XRP holdings,” said Matt Hougan, CIO of Bitwise. “This structure gives transparency while mitigating volatility risks.”

To draw early participation, Bitwise is waiving its 0.34% management fee for the first month on assets under management up to $500 million.

This incentive, paired with Bitwise’s track record of over 40 crypto products, underscores the company’s strategy to expand its XRP offerings in the U.S. market.

The fund builds on Bitwise’s European XRP exchange-traded product launched in 2022, marking a broader push to capitalize on XRP’s growing adoption.

Ripple Execs Celebrate Launch

The ETF launch received attention from Ripple executives. Brad Garlinghouse, CEO of Ripple, called the debut a “pre-Thanksgiving rush” for XRP ETFs and highlighted XRP’s continued role in cross-border payments.

Bitwise hosted a live discussion featuring Ripple CTO David Schwartz, Bitwise CIO Matt Hougan, and journalist Eleanor Terrett, covering XRP’s journey, regulatory updates post-SEC settlement, and implications for investors.

“The regulatory clarity provided by the SEC settlement has paved the way for products like the Bitwise XRP ETF,” Schwartz commented.

The Bitwise launch follows Canary Capital’s XRPC ETF, which set the bar earlier this year with $58 million in first-day volume, the top-performing ETF debut of 2025. While Bitwise’s $25 million falls short, it remains a strong start in a competitive ETF landscape.

Additional U.S. spot XRP ETFs are anticipated over the coming weeks from Grayscale, Franklin Templeton, 21Shares, CoinShares, and WisdomTree, with industry analysts projecting a total inflow of $5–8 billion by the end of 2025.

XRP Price Update

As of writing, XRP traded at $1.92, down roughly 10% over the previous day. On-chain data from Glassnode shows realized losses averaging $75 million per day over the past month—the highest since April 2025.

“This indicates many investors are closing positions at a loss while eyeing the ETF inflows,” said crypto analyst Eleanor Terrett. “The Bitwise XRP ETF could act as a stabilizing force if adoption continues, but market volatility remains high.”

Investors are closely monitoring both XRP price action and ETF flows in the coming weeks.

The Bitwise XRP ETFlaunch may serve as a bellwether for future U.S. spot XRP ETFs, signaling potential market growth and institutional adoption.

The ETF’s performance in coming weeks will test whether the shortfall reflected cautious initial positioning or waning institutional appetite for XRP exposure.

With at least five more spot XRP ETFs expected to launch by year-end, competition for market share will intensify as issuers vie for the projected $5-8 billion in total inflows that analysts forecast for the sector.