Canary’s XRP ETF: A Promising Debut Amidst Market Enthusiasm
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Impressive Launch of Canary’s XRP ETF: A Record-Breaking Start
Canary’s XRP ETF made a remarkable entrance into the market on November 13, surpassing expectations with its first-day trading volume. The community was taken by surprise as the fund’s performance exceeded projections.
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XRP ETF Achieves $58 Million in Initial Trading Volume
According to a report by Bloomberg analyst Eric Balchunas, Canary’s XRP ETF (XRPC) achieved an impressive $58 million in trading volume on its opening day. This positions it as the top-performing ETF among the 900 launched this year, even outpacing Bitwise’s Solana ETF, which reached $57 million in its debut.
Balchunas noted that both ETFs have set themselves apart, with the third-best launch trailing by $20 million. Canary’s XRP ETF significantly outperformed expectations, as Balchunas had anticipated $17 million and his colleague James Seyffart had projected $34 million in trading volume on the first day.
Steven McClurg, CEO of Canary Capital, confidently predicted that the fund would surpass $34 million, a forecast that proved accurate. Seyffart acknowledged the strength of the “XRP army,” attributing the fund’s success to the community’s unwavering support.
Market expert Nate Geraci observed that nearly every crypto ETF launch has exceeded traditional financial expectations, highlighting the skepticism within legacy finance. Geraci emphasized that investors’ decisions, reflected in their financial commitments, are what truly matter, with crypto ETFs dominating the top launches over the past two years.
Canary’s ETF Reports Significant Net Inflows of $245 Million
Canary Capital announced net inflows of $245 million for its XRP ETF, surpassing Bitwise’s Solana ETF, which saw nearly $70 million in first-day inflows. Geraci explained that the higher inflows compared to trading volume result from in-kind creations, which allow issuers to create shares using the token instead of cash, not reflected in trading volume.
Bitwise CIO Matt Hougan shared insights on the fund’s success, stating that an ETF’s success is not determined by a median opinion of a crypto asset. He emphasized that strong, passionate support from a segment of investors is more valuable than widespread indifference. Hougan pointed out that ETFs fail due to apathy rather than disagreement, noting that XRP, despite being a contentious asset, has garnered significant investor interest.
As of now, XRP is trading at approximately $2.28, experiencing a decline of over 7% in the past 24 hours, according to data from CoinMarketCap.
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