ETF Launch Details
Grayscale’s Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are set to commence trading on NYSE Arca on November 24. The approval of these listings by the exchange signifies the final step required for each product to launch and provide investors with spot exposure to DOGE and XRP.
Additionally, ETF analyst Eric Balchunas anticipates that Grayscale’s GLNK will also begin trading this week. Should it launch, GLNK would represent the first-ever spot ETF offering exposure to Chainlink (LINK).
The New York Stock Exchange, established in 1792, is recognized as the world's largest stock exchange by market capitalization and remains a highly influential U.S. trading venue. The exchange now operates predominantly through electronic systems.
Rising XRP Inflows Signal Investor Confidence
The XRP ETF, which commenced trading on November 14, has already garnered $422.66 million in inflows, according to data from SoSoValue. Over the past week, XRP has consistently attracted inflows, while many other crypto ETFs, including those for Bitcoin and Ethereum, have experienced significant outflows.
This trend underscores a robust level of investor confidence in XRP. Notably, despite a broader market decline, XRP experienced a smaller drop compared to Bitcoin and several other major altcoins.
Growing Institutional Interest in Dogecoin
Dogecoin, historically perceived as a meme token, is increasingly gaining institutional recognition. The forthcoming launch of GDOG on NYSE Arca represents a significant development in its evolution from a primarily retail-driven asset to a regulated investment product.
Expansion of Altcoin ETFs in the Market
Grayscale's latest offerings are part of a larger trend of increasing altcoin ETFs entering the market. Franklin Templeton has announced plans to introduce its own Dogecoin ETF next week. Bitwise, which launched an XRP ETF earlier this week, has already seen its Solana ETF (BSOL), launched earlier this year, attract over $400 million in inflows.
These recent launches highlight a growing institutional demand for a wider range of crypto assets beyond Bitcoin.