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Bitwise’s newly launched XRP ETF reported heavy activity within hours of going live yesterday as early traders drove almost $22 million in volume. Bloomberg ETF analyst James Seyffart confirmed the figure and noted that the fund still had more than two hours of trading left. Bitwise entered the market one week after Canary Capital’s XRPC fund began trading, yet early demand remained strong.
The firm listed the spot fund on NYSE Arca under the ticker XRP. Bitwise manages roughly $15 billion in assets and described the listing as a historic step for the company. Ripple CEO Brad Garlinghouse recognized the launch and said the XRP funds had now started what he called a “pre-Thanksgiving turkey trot.”
The event raised one core question for many observers: Will increased ETF activity shift demand for XRP across major exchanges?
The spot structure enables the fund to hold actual XRP rather than futures contracts. This allows US investors to gain direct exposure without handling wallets or private keys. It also removes many custody concerns that can restrict retail or institutional participation.
Bitwise charges a 0.34% fee on the fund. The company waived the fee for the first month on up to $500 million in assets. Fee waivers often attract early inflows as investors compare costs against direct market purchases.
Matt Hougan, the firm’s CIO, described XRP as an asset with long-standing use in cross-border payments. He pointed out that regulatory clarity followed the settlement of the SEC lawsuit involving Ripple. Many earlier ETF launches for major assets like Bitcoin and Ethereum brought short bursts of volatility before stabilizing as flows adjusted.
Hougan shared a comment after the launch, noting his excitement for the product’s debut. He stated that the asset and its community had undergone a long journey.
The debut followed a record-setting launch from Canary Capital’s XRPC ETF last week. That product reached $59 million in first-day trading volume and gathered $245 million in net inflows. It became the strongest ETF debut of 2025 among more than 900 new funds.
Bitwise’s product also gained early traction. Data from SoSoValue reported over $105 million in inflows during its initial trading window. This rapid activity suggested strong market attention.
The decision to label the ticker simply as ‘XRP’ started a debate within the community. Most crypto ETFs use a blend of issuer branding and asset shorthand. A community member noted that analysts and educators may now need to explain the difference between XRP, the token and XRP the ETF.
Also Read: Bitwise CEO Predicts XRP ETF Will Attract Massive Global Demand
Hougan clarified that the ticker choice was intentional. He added that the design matched the firm’s long-term plan for the product.
Meanwhile, additional XRP ETFs continue moving toward launch. Franklin Templeton and Grayscale plan to release their spot products on November 24. Many expect these launches to introduce more institutional flows as XRP attempts to recover from a recent market downturn.
