- Canary XRP ETF (XRPC) records $59M in trading volume and $245M in net inflows on debut.
- XRPC outperforms the Solana ETF with an impressive debut, exceeding analysts’ expectations.
- Despite the XRP price dip, trading volume rises 31%, showing strong investor interest.
The Canary XRP ETF (XRPC) was released on November 14 and performed outstandingly in the market, creating new records in the crypto ETF sector. On its first day, it recorded an unprecedented trading volume of $59 million and net inflows of $245 million. The company, Canary Capital, the creator of the ETF, described it as a big day, a historic point in the company.
XRPC performed better than the Bitwise Solana Staking ETF (BSOL) with $57 million worth of trading volume on debut. James Seyffart, an ETF analyst at Bloomberg, celebrated the success by saying, “It is a big accomplishment, especially on a down day like today.”
The performance was particularly remarkable because it occurred during a market downturn, demonstrating XRP’s resilience and attractiveness despite the broader challenges in the crypto market.
Canary XRP ETF (XRPC) Outshines Bitcoin ETFs with $245M Inflows
In the initial 30 minutes, the ETF registered $26 million in volume, exceeding the expectations of the analysts. According to the senior Bloomberg ETF analyst, Eric Balchunas, it had a high probability of being the largest day-one fund launched of the year. The figure of the volume was greater than the first estimation by Seyffart of 17m, which indicated high urgency by investors.
CEO of Canary capital Steven McClurg attested to the performance of the ETF, saying it had experienced better net inflows than any spot Bitcoin ETF. The inflows received by XRPC of $245 million exceeded the BlackRock inflows to the Bitcoin ETF (IBIT) at $111.7 million and $237.9 million in Bitwise.
He explained that the trading volume of $59 million excluded the in-kind creations, which are high donations not included in the volume data.
Also Read: XRP Price Stable as XRPC ETF Launch Achieves $26 Million in Early Trading
McClurg forecasted XRP to receive more inflows than Solana, and his expectation turned out to be correct. The great demand and high trading volumes of XRP favored investor interest in the new Canary XRP ETF.
XRP Price Drop
Despite the strong launch, the price of XRP was down by more than 8% in the 24 hours after the release of the ETF. Currently XRP is trading at $2.29, with a low of $2.25 and a high of $2.52 within the last 24 hours. Through this low price, the XRP trading volume has grown by more than 31%, and this indicates that traders are still interested.
Conversely, Solana also dropped, by 8.88%, to a price of $141.65. The low and high of the 24-hour period are $139.87 and $156.70, respectively. Despite the volatility in the market, the introduction of the Canary XRP ETF has led to a new standard in crypto ETFs.
Also Read: Michael Saylor Predicts Bitcoin Will Outshine Gold’s Market Cap by 2035
