As expected by the XRP community, the Spot XRP ETF issued by Bitwise, which was launched yesterday, achieved impressive inflows on its first day, according to a recent post from Hunter Horsley, CEO of Bitwise.
Horsley said that despite the overall crypto market slowdown, $XRP met analysts’ expectations and generated massive inflows of $107 million on its first day of trading.
This marks the successful launch of the Bitwise XRP ETF despite the prolonged crypto market downturn, but it also emerged as one of the strongest ETF launches to watch this year.
With this impressive first-day performance, demand for spot exposure to XRP appears to continue to grow among institutional investors.
$XRP, first day trading volume reaches $25.7 million
The company’s launch report also shows that the fund posted an impressive trading volume of $25.7 million on its first day of trading.
Notably, this strong trading activity follows significant total assets under management, which reached $107.6 million by close.
This strong first day performance is due to the hype and optimism surrounding the fund even before its official launch, but the fund’s friendly fee structure also appears to be contributing to the high volume.
Notably, the company only requires investors to pay a zero percent management fee in the first month on the first $500 million in assets.
The move, aimed at accelerating adoption and attracting both retail and institutional capital in the early stages of trading, has helped the fund accumulate notable first-day inflows and trading volumes.
Bitwise’s XRP ETF reverses BSOL
The Bitwise XRP ETF recorded massive inflows of $107 million on its first day of trading, nearly double the record inflows of $69.5 million that the Bitwise Solana ETF achieved on its first day of trading.
This unparalleled performance suggests that US investors are more interested in gaining exposure to XRP, the cryptocurrency associated with Ripple, than Solana.
