Record Altcoin ETF Debut Signals Mainstream Adoption

The XRP and Dogecoin ETFs made history on September 19, 2025, with a combined first-day trading volume of $54.7 million, far exceeding industry expectations. The REX-Osprey XRP ETF (XRPR) dominated the debut, recording $37.7 million in volume, the largest single-day trading activity for any 2025 ETF launch. Meanwhile, the Dogecoin ETF (DOJE) generated $17 million in volume, placing it among the top five ETF debuts of the year. Both products outperformed the typical $1 million first-day benchmark, signaling robust investor demand for alternative cryptocurrency exposure.

The XRP ETF’s performance was particularly striking, with $24 million in trades executed within the first 90 minutes of trading. This marked a fivefold increase compared to the debut volumes of existing XRP futures ETFs. The Dogecoin ETF also exceeded expectations, reaching $6 million in trades within its first hour. Analysts, including Bloomberg’s Eric Balchunas, described the results as “shockingly solid,” highlighting the pent-up demand for altcoin-focused products.

The success of the ETFs was attributed to their regulatory structure under the Investment Company Act of 1940, which allowed for a 75-day approval window versus the traditional 240-day process. Unlike Bitcoin and Ethereum ETFs, which hold physical assets, these funds track XRP and Dogecoin via Cayman Islands subsidiaries and foreign exchange-traded products. This structure enabled compliance while addressing market access challenges. The SEC’s recent approval of new generic listing standards further streamlined the process, potentially accelerating future crypto ETF launches.

XRP and Dogecoin’s market capitalizations have surged in recent months, with XRP surpassing Citigroup and Dogecoin maintaining its position as the largest memecoin. However, both tokens experienced post-listing price dips, with XRP declining over 3% in 24 hours to $3.01 and Dogecoin falling 6% to $0.27. Despite this, the ETFs’ performance underscored growing institutional confidence in altcoins, particularly as Bitcoin and Ethereum ETFs have already attracted $57 billion and $14 billion in inflows, respectively.

The launch of these ETFs signals a broader shift in the crypto investment landscape. With over 90 applications pending for altcoin-based funds, the success of XRPR and DOJE could catalyze a wave of new products. The SEC’s expedited approval framework and the growing appetite for diversified crypto exposure suggest that the market is primed for further innovation. As more investors seek access to alternative assets, the institutional adoption of cryptocurrencies appears to be entering a new phase of mainstream acceptance.

Source: [1] XRP and Dogecoin ETFs Launch with Record-Breaking $54.7 Million First-Day Volume (https://coincentral.com/xrp-and-dogecoin-etfs-launch-with-record-breaking-54-7-million-first-day-volume/) [2] XRP Fund Notches Biggest ETF Debut of 2025—and Dogecoin Wasn't Far Behind (https://decrypt.co/340389/xrp-fund-notches-biggest-etf-debut-2025-dogecoin-wasnt-far-behind)