The new era of crypto exchange-traded funds has kicked off with a bang. On Tuesday, Bitwise’s new staked Solana ETF, dubbed BSOL, went live for trading on the New York Stock Exchange and did $220 million in trading in its first few hours. “BSOL is beginning life with $220 million,” wrote Eric Balchunas, Bloomberg Intelligence ETF expert. “Impressive.” It may have taken years before the first spot Bitcoin and Ethereum ETFs hit the market, but the next wave of funds is expected much sooner. There are abo ...

Core Insights - The newly launched Ripple (XRP) and Dogecoin (DOGE) ETFs achieved a combined trading volume of $54.7 million on their first day, indicating strong market interest [1][6][8] Performance Summary - The Ripple ETF, XRPR, recorded $37.7 million in its first day of trading, marking the largest day-one volume for ETFs in 2025, with $24 million occurring within the first 90 minutes [2][6] - The Dogecoin ETF, DOJE, achieved $17 million in volume on its first day, significantly surpassing initial expectations of $2.5 million [3][6] Price Action - Despite the strong ETF launch volumes, the underlying tokens XRP and DOGE showed minimal price movement, with XRP down 1.82% at $3.04 and DOGE down 1.97% at $0.27 [4][6] - The lack of price reaction is attributed to the fact that these ETFs are not spot ETFs, which directly hold the underlying digital assets [4][7] ETF Structure - The ETFs utilize the Investment Company Act of 1940, allowing for a faster approval process but limiting the types of assets they can hold [5][7] - XRPR holds 80% of its net assets in instruments providing exposure to XRP, while DOJE follows a similar structure [7] Future Outlook - There is an expectation for more spot XRP, DOGE, and other altcoin ETFs to launch in the near future, indicating ongoing interest in the sector [8]