Historic Breakthroughs in Crypto ETF Launches
On September 18, a groundbreaking moment unfolded in the cryptocurrency market as REX-Osprey introduced its latest line of U.S. spot crypto exchange-traded funds (ETFs), setting unprecedented records.
Dogecoin ETF Achieves Remarkable Trading Volume
Among these innovative offerings, the Dogecoin (DOGE) ETF, identified by the ticker DOJE, achieved an astonishing feat, amassing nearly $6 million in trading volume within just the first hour of trading.
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To provide some perspective, this volume dramatically surpasses the typical trading activity of a newly launched ETF, which usually garners around $1 million on its inaugural day.
Eric Balchunas, a Senior ETF Analyst at Bloomberg, expressed his astonishment: “My projections were surpassed within the first hour of trading. This performance is exceptionally strong, as most ETFs trade below $1 million on their first day.”
REX-Osprey’s Pioneering Entry into the Crypto ETF Arena
The excitement extended beyond the DOGE ETF, as REX-Osprey’s spot XRP ETF, trading under the ticker XRPP, also defied expectations, achieving nearly $25 million in trading volume within an hour and a half.
Greg King, CEO of REX-Osprey, highlighted the significance of this launch, stating, “ETFs serve as essential vehicles for trading and access. The digital asset revolution is already underway.”
This explosive debut sent shockwaves throughout the market, with Balchunas forecasting a “new onslaught” of ETFs and recognizing DOJE as one of the top five performers for the year.
Surpassing Records and Setting New Benchmarks
On its debut, the XRPP ETF recorded a trading volume of $37.7 million, surpassing $IVES for the largest day-one natural trading volume among 2025 launches. Meanwhile, DOJE’s impressive $17 million trading volume secured its position as a top-five performer among 710 launches in the year.
The SEC Paves the Way for Innovative Crypto Products
In a significant development, the U.S. Securities and Exchange Commission (SEC) introduced new generic listing standards for commodity-based trusts on September 17. These standards allow eligible trusts to list without requiring a separate SEC order.
To qualify, trusts must trade their underlying assets on markets subject to surveillance, maintain a history of futures or already back ETFs with substantial exposure.
Additional criteria include the daily publication of holdings, net asset values, and liquidity policies. Market makers will also face trading limits and firewalls to prevent the misuse of non-public information.
These regulatory changes could potentially broaden the scope for new crypto products beyond popular assets like Bitcoin (BTC) and Ethereum (ETH).
