The U.S. market for cryptocurrency-based exchange-traded funds (ETFs) witnessed a major milestone this week, as altcoins took center stage with the debut of the REX-Osprey XRP ETF and the REX-Osprey Dogecoin ETF (DOJE). Together, the two products recorded a combined $54.7 million in first-day trading volume, signaling surging investor interest in alternatives to the long-dominant Bitcoin and Ethereum funds.
The REX-Osprey XRP ETF, trading on Cboe under the ticker XRPR, made headlines by registering $37.7 million in debut volume, the highest launch-day performance of any ETF in 2025. Bloomberg senior ETF analyst Eric Balchunas confirmed that XRPR’s strong opening eclipsed the previous record set by the Wedbush AI Revolution ETF (IVES).
This landmark debut underscores how investor appetite is expanding toward digital assets beyond Bitcoin and Ethereum, which have historically dominated institutional interest.
XRP’s momentum extends beyond the ETF space. The payments-focused cryptocurrency has recently achieved a market capitalization that surpasses banking heavyweight Citigroup. Ripple, the firm behind XRP, is also pursuing a U.S. banking license, a move that could further solidify XRP’s role in global finance and enhance its reputation as a serious player in cross-border payments.
Meanwhile, the Dogecoin ETF (DOJE) delivered a strong showing of its own, registering $17 million in volume on its first day. While smaller in scale than XRP’s debut, DOJE’s performance still ranked it among the top five ETF launches of the year. This is particularly significant given Dogecoin’s origins as a joke memecoin, with its early popularity largely fueled by internet culture and celebrity endorsements.
Its presence in the ETF market demonstrates how investor sentiment has evolved, with DOGE now seen as a legitimate vehicle for speculative and portfolio-diversifying plays.
The remarkable debut of both XRPR and DOJE was made possible by recent regulatory changes. The U.S. Securities and Exchange Commission (SEC) has streamlined the approval process for crypto-linked ETFs, cutting the waiting period from around 240 days to just 75 days. This has opened the door for faster product rollouts and a broader range of digital asset offerings, further integrating cryptocurrencies into mainstream financial markets.
While official first-day net inflow figures are expected later, the early trading success of XRP and DOGE ETFs highlights a clear shift in investor behavior. Demand for altcoin exposure is growing, and these record-breaking debuts suggest that institutional and retail investors alike are ready to explore beyond the familiar territory of Bitcoin and Ethereum.
If momentum continues, XRPR and DOJE could pave the way for a new wave of altcoin ETFs, further reshaping the narrative of crypto adoption on Wall Street.