XRP, Dogecoin Etfs Log Robust Trading Debut Bitcoin Hovers Below $117K

XRP and Dogecoin exchange-traded funds saw strong investor appetite during their trading debut on Thursday.

According to an X post by Bloomberg senior ETF analyst Eric Balchunas, the REX-Osprey XRP ETF, which listed on the CBOE under the ticker XRPR, logged a trading volume of $37.7 million, the largest for any ETF listing this year.

In just over an hour of trading, XRPR already booked $24 million in activity, which was five times more than any XRP futures ETF achieved on its debut.“That is way more than I would have thought,” Balchunas said before calling it the standout performer of the day.

The strong debut highlighted how investors are looking beyond Bitcoin and Ethereum to park their investment. The XRP coin's market capitalization currently stands at over $181 billion, higher than heavyweights like BlackRock and Boeing. XRP-parent Ripple, which facilitates cross-border payments, is seeking a U.S. banking license.

The ETF of Dogecoin, the biggest memecoin in terms of market capitalization, also saw $17 million in trading activity, as per Balchunas, which puts it in the top five debuts of the year.

Retail sentiment on Stocktwits about XRPR was in the 'extremely bullish' territory at the time of writing, while retail chatter was 'extremely high.'

Separately, on Wednesday, the U.S. Securities and Exchange Commission relaxed listing rules for cryptocurrency and other spot commodity exchange-traded products. This cleared a significant hurdle for crypto-focused ETFs, as the SEC earlier required a case-by-case review for any new listing.

However, major cryptocurrencies edged lower in the early hours of Friday. Bitcoin prices slipped 0.2% to $116,881, Ethereum fell 0.9% to $4,535.55, and XRP slipped 1.3% to $3.04, according to data from CoinGecko.

After reaching record highs of $124,000 in August, Bitcoin prices have stayed below $120,000 over the past few weeks, despite record gains in stock markets and bullion.

While the Federal Reserve lowered its benchmark interest rates by 25 basis points earlier this week, Chair Jerome Powell struck a cautious tone, which made investors wonder if the Federal Reserve could deliver lesser-than-expected future cuts.

On Friday, approximately $3.5 billion of Bitcoin options are expected to expire, according to Deribit data, which could lead to further volatility.

Traders on Stocktwits were 'neutral' about Bitcoin at the time of writing. The digital currency has rallied 88.7% over the past year.

However, Matthew Sigel, Head of Digital Assets Research and Portfolio Manager at VanEck, noted that the Bitcoin rally might not be running out of steam yet.“We haven't seen the type of euphoria that usually marks peaks,” Sigel said in an interview with Paul Barron.

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