A historic development took place in the cryptocurrency market, with spot ETFs directly tracking the price of Dogecoin (DOGE) and XRP starting trading in the US for the first time yesterday.
Products launched in collaboration with REX Shares and Osprey Funds include the REX-Osprey XRP ETF (XRPR) and the REX-Osprey DOGE ETF (DOJE).
These two funds offer spot-based access to the two assets, allowing investors to invest directly in DOGE and XRP via the exchange.
XRP and DOGE Exceed Expectations!
Investors flocked to the first Dogecoin and XRP exchange-traded funds in the US, as these ETFs were long-awaited, exceeding analysts’ trading volume expectations.
Bloomberg ETF analyst Eric Balchunas said the REX-Osprey XRP ETF (XRPR) reached $37.7 million in volume on its first day of trading, while the DOGE ETF reached $17 million.
Eric Balchunas said that the XRP and DOGE ETF inflows are a positive signal for altcoin ETFs to be approved in the near future.
He had kept expectations low!
Balchunas said before the ETFs were launched that he expected the REX-Osprey DOGE ETF (DOJE) to reach a volume of $2.5 million on the first day, which would be a significant figure but “not something very special.”
However, Balchunas later said that his expectations were shattered in the first hour of trading, as the DOGE ETF’s volume approached $6 million.
“This is surprisingly strong and exceeded my expectations. Most ETFs trade below $1 million on the first day,” the analyst said.
Balcuhasn had also kept his expectations low for XRP. At this point, the analyst said that XRPR achieved $24 million in volume in the first hour and a half of its launch, marking a very fast start.
https://x.com/EricBalchunas/status/1968794374285725826
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/first-day-data-for-us-dogecoin-doge-and-xrp-etfs-arrives-bloomberg-analyst-comments/
