Bitwise XRP ETF Clocks $25M on Day One as U.S. Demand Surges
Bitwise Asset Management’s new XRP exchange-traded fund made a notable entrance on Nov. 20, giving U.S. investors a regulated pathway...
Quick overview
- Bitwise Asset Management launched an XRP exchange-traded fund on Nov. 20, generating $25 million in first-day trading volume.
- The ETF is physically backed by spot XRP and features a waived management fee for the first month on the first $500 million in assets.
- Ripple CEO Brad Garlinghouse praised the ETF's debut, highlighting XRP's significance in cross-border finance.
- Despite institutional interest, XRP's market performance has declined, with on-chain analytics showing significant realized losses.
Bitwise Asset Management’s new XRP exchange-traded fund made a notable entrance on Nov. 20, giving U.S. investors a regulated pathway into XRP without directly holding the digital asset. Listed under the ticker XRP on the New York Stock Exchange, the product generated 1.14 million shares traded, with an average price of $22, totaling about $25 million in first-day volume. Although analysts initially expected figures closer to $90 million, broader market pressure weighed on activity across the sector.
The ETF is physically backed by spot XRP, with custody provided by Coinbase. Bitwise uses the CME CF XRP-Dollar Reference Rate (New York Variant) to anchor its net asset value, a benchmark designed to minimize manipulation by aggregating pricing from multiple exchanges.
To attract early inflows, Bitwise has waived its 0.34% management fee for the first month on the first $500 million in assets under management. The fund expands Bitwise’s crypto portfolio of more than 40 products and follows the firm’s European XRP ETP introduced in 2022.
Market Response and Industry Signals
The debut drew strong attention from the Ripple community. Ripple CEO Brad Garlinghouse welcomed the development, calling it a “pre-Thanksgiving rush” that highlights XRP’s relevance in cross-border finance. Bitwise also hosted a public discussion featuring Ripple CTO David Schwartz, Bitwise CIO Matt Hougan, and journalist Eleanor Terrett, focusing on regulatory shifts following the SEC settlement and the broader outlook for U.S. crypto-linked securities.
🚨 XRP ISN’T PLAYING AROUND 🚨
Bitwise $XRP ETF goes live…
Ten minutes later the volume is destroying expectations.610,045 traded
Fourteen million on the board
Day One projection now blasting toward ninety two million.This isn’t hype.
This is demand meeting utility. 🚀🇺🇸 pic.twitter.com/QBUccDZ2H3— John Squire (@TheCryptoSquire) November 20, 2025
Other industry launches underscore growing competition. Canary Capital’s XRPC ETF recently delivered the strongest ETF debut of 2025, posting $58 million in first-day trading. With additional spot XRP funds expected from Grayscale, Franklin Templeton, 21Shares, CoinShares, and WisdomTree, analysts estimate $5–8 billion in potential inflows through 2025.
Key takeaways include:
- $25M in day-one volume for Bitwise’s ETF
- Fee waiver covering $500M AUM for first month
- Multiple major issuers preparing XRP ETF launches
- Industry inflow outlook: $5–8B by end-2025
XRP Price Trends and Investor Outlook
Despite growing institutional interest, XRP’s market performance has weakened. As of publication, XRP traded near $1.92, down roughly 10% over the past 24 hours. On-chain analytics from Glassnode show realized losses averaging $75 million per day, the highest level since April 2025. This indicates that many holders are exiting positions at a loss as volatility increases.
Investors are now watching ETF inflows, trading volumes, and regulatory developments to gauge whether institutional adoption can stabilize the asset’s next major move.
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