Spot XRP ETFs, which began trading in the US, made a splash in their first session on Monday. Grayscale and Franklin Templeton's new funds attracted over $60 million in inflows in a single day, outperforming both Bitcoin, Ethereum, and Solana ETFs. This strong start, which accompanies the general market recovery, indicates that the long-awaited institutional interest in XRP is finally becoming visible.
XRP ETFs Impress
Grayscale's conversion of its closed-end GXRP Trust into an ETF made immediate impact on the first day; the fund closed the day with a net inflow of $67.4 million. Franklin Templeton, the $1.5 trillion asset manager's new product, XRPZ, attracted attention with a net inflow of $62.6 million. The combined performance of the two giants closed the day with over $130 million in volume. Adding the $16.4 million from Canary Capital's XRPC fund and the $17.7 million from Bitwise's XRP ETF, the spot XRP ETF category recorded a net inflow of $164.1 million in just one day. Furthermore, the total net inflows of XRP ETFs launched on November 13th have already reached $586.8 million, with not a single outflow recorded to date.
Franklin Templeton ETF Product Director David Mann outlined the rapid increase in institutional appetite, emphasizing that XRP is "a digital asset that plays a fundamental role in the global settlement and payment infrastructure." However, it's noteworthy that BlackRock hasn't yet included XRP products; for now, the company appears to be focusing on maintaining its market dominance with its Bitcoin and Ethereum ETFs.
The positive market sentiment has also pushed the price of XRP higher. XRP, which rose 8.6 percent on Monday, was trading at $2.20 at the time of writing.
BTC, ETH, and SOL ETFs lag behind XRP.
On the same day, US spot Bitcoin ETFs experienced net outflows of $151.1 million. Ethereum products partially offset this with net inflows of $96.6 million. Solana ETFs closed positive for the 20th consecutive day with inflows of $58 million, bringing their total inflows to $568.3 million. However, they still failed to match the first-day performance of XRP ETFs.
Grayscale's DOGE ETF Opens Quietly
Grayscale also launched the first US spot DOGE ETF on Monday. However, the DOGE ETF failed to register any inflows on its first day. Despite this, experts see this launch as a symbolic breakthrough. NovaDius President Nate Geraci described the DOGE ETF as "one of the most striking indicators of the regulatory transformation of the past year."
