Canary Capital’s new spot XRP ETF, trading under the ticker XRPC, has made a remarkable debut, accumulating $26 million in trading volume within its first 30 minutes. By the end of its first day, the ETF's total trading volume reached approximately $58 million, positioning it as one of the most significant ETF launches of 2025.
Institutional Focus Over Retail Investors
Software engineer Vincent Van Code has highlighted that many incorrectly assume the XRPC ETF is primarily designed for retail traders. He argues the opposite is true: the product is strategically developed for institutional investors, including hedge funds, family offices, and retirement accounts. These entities require a regulated avenue to hold XRP without the complexities and risks associated with direct custody or self-custody.
Van Code explains that large funds encounter significant obstacles when attempting to purchase and hold cryptocurrencies directly. Issues such as custody, auditing, and compliance make traditional exchanges or cold wallets challenging for them. The XRPC ETF effectively resolves these challenges, offering these institutions immediate, compliant exposure to XRP through a familiar investment vehicle, rather than a potentially risky crypto account.
Funny thing, people think the XRP ETF is targeting retail, think again.
Massive funds, retirements, family offices, hedge funds, you name it, are separate to invest in XRP, but due to complexities in audit and compliance, they can't just buy and hold on crypto exchanges, and… https://t.co/BicGmoZkjj
— Vincent Van Code (@vincent_vancode) November 13, 2025
The initial trading figures strongly support this institutional focus. Bloomberg analyst Eric Balchunas had projected $17 million for the first day, a figure that was surpassed within the first 30 minutes, which saw $26 million in volume. By the market close, the ETF had garnered nearly $58 million in volume, narrowly surpassing BSOL's $57 million.
What the Structure Offers Investors
The XRPC ETF holds actual XRP tokens, which are securely kept in custody by reputable platforms, Gemini and BitGo. This differs from some funds that offer synthetic exposure; XRPC provides direct backing. The ETF's structure allows investors to bypass the complexities of private key management and the associated wallet risks. Furthermore, it qualifies for inclusion in standard brokerage accounts and tax-advantaged accounts, such as Individual Retirement Accounts (IRAs).
Van Code suggests that the significant debut is not merely a result of hype. He posits that institutional analysts likely conducted extensive evaluations of XRPC over several days or weeks, carefully considering market conditions, the fundamental value of XRP, and the logistical aspects of compliance.
Many market participants are now expected to act swiftly before arbitrage bots fully adjust to the new ETF. This dynamic could lead to a rapid increase in demand, not only for the ETF itself but also for XRP.
Broader Market Impact
The successful launch of the XRPC ETF has the potential to reshape capital flows into the cryptocurrency market. By providing a regulated pathway for large institutional players to gain exposure to XRP, the market could experience enhanced liquidity and greater stability. This development also reinforces XRP's positioning as a significant institutional asset, moving beyond its perception as solely a speculative token.
In essence, XRPC’s breakout debut signifies more than just a noteworthy headline; it represents a crucial gateway for substantial institutional capital. As Van Code emphasizes, this ETF is not designed as a retail trading instrument. Its structure, the evident demand, and its overall design clearly indicate a strong interest from major institutional players. If this trend continues, the repercussions for both the ETF and XRP could be substantial.