Bitwise XRP ETF sees $21.7M turnover on debut but closes the day lower
The Bitwise XRP ETF posted $21.7M in turnover on 20 November, but will it match-up with Canary's XRPC?
Key Takeaways
How did Bitwise’s XRP ETF perform on launch day?
The Bitwise XRP ETF reported $21.7 million in turnover, with 1.13 million shares traded, but closed 7% lower at $22.46 after opening at $24.15.
How does this compare to Canary’s XRPC?
Canary’s XRPC controls $268.88M in assets with $292.61M in cumulative inflows since launch, while still recording $15.82M in fresh inflows on 19 November.
Finviz data shows the XRP ETF opened at $24.15, traded between $24.15 and $22.12, and closed at $22.46—reflecting a 7% decline from the opening print.
Total dollar volume reached approximately $26 million, indicating significant participation from active traders and market makers.
According to data from Bloomberg ETF analyst James Seyffart, three hours before the market close, the Bitwise XRP saw $21.7 million in turnover, with more than 1.13 million shares traded.
The launch marks the second U.S. spot XRP ETF to hit the market, arriving one week after Canary Funds’ XRPC.
Entering a market Canary already dominates
Bitwise enters a competitive landscape where Canary’s XRPC has already captured $292.61 million in cumulative inflows.
SoSoValue data shows XRPC controls $268.88 million in total net assets, representing 0.22% of XRP’s market cap.
The fund recorded $15.82 million in net inflows on 19 November alone, demonstrating sustained institutional demand days after its initial launch.
Despite arriving second, Seyffart described Bitwise’s turnover as “impressive.” Valkyrie CIO Steven McClurg congratulated Bitwise on the launch, noting that strong first-day activity proves “you don’t have to be BlackRock to launch a top ETF.”
The ETF’s price action tracked broader crypto market weakness throughout the day. XRP’s underlying spot market experienced volatility, and the ETF traded in line with those movements.
The decline into the close raises questions about whether institutional investors allocated fresh capital on Day 1 or whether activity came primarily from secondary-market trading.
Official flow figures will only become available after the next settlement cycle, when authorized participants and issuers publish updated fund holdings.
Platforms including SoSoValue, Farside Investors, and Bloomberg Terminal will reflect this data on 21 November.
Bitwise positioned the ETF as a low-fee option for U.S.-regulated XRP exposure.
Tomorrow’s data will reveal whether strong trading interest translated into meaningful institutional allocations that can compete with Canary’s head start.
