New Altcoin ETFs Launch Amidst Market Activity
Following the inauguration of US President Donald Trump, there has been a notable increase in the launch and trading of altcoin Exchange Traded Funds (ETFs), even amidst government shutdowns.
Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs were among the initial offerings, with XRP and Dogecoin (DOGE) ETFs subsequently following suit.
More recently, Franklin Templeton launched its XRP ETF, and Grayscale introduced its XRP and DOGE ETFs.
XRP ETFs Experience Strong Net Inflows
The number of XRP ETFs available in the United States has now risen to four. Spot XRP ETFs, in particular, recorded substantial net inflows yesterday.
According to data from SoSoValue, on November 24, the four US XRP ETFs collectively experienced net inflows totaling $164 million.
Within these inflows, Grayscale’s GXRP fund was the leading performer for the day, with $67.36 million in new investments. Franklin’s XRPZ fund attracted $62.59 million, Bitwise’s XRP fund secured $17.71 million, and Canary’s XRPC fund garnered $16.38 million.
Dogecoin ETF Sees Initial Trading Volume Without Net Inflow
In contrast, Grayscale's spot DOGE ETF, which represents the first Dogecoin ETF in the US, registered $1.41 million in trading volume during its initial transaction but did not record any net inflow.
The inaugural US spot Dogecoin ETF, launched by Grayscale on the New York Stock Exchange (NYSE), recorded zero net inflows on its first day of trading.
Data from SoSoValue indicated that the ETF’s trading volume reached $1.41 million, with a total net asset value of $1.71 million.
Analyst Forecasts a Surge in Altcoin ETF Offerings
As altcoin ETFs continue to be introduced and trade, Eric Balchunas, a senior ETF analyst at Bloomberg, has predicted a significant wave of new altcoin ETF launches.
Balchunas anticipates that over 100 crypto ETFs are likely to be launched within the next six months.
He further noted that a total of five spot cryptocurrency ETFs are slated for launch in the coming six days. While the exact number beyond this is not yet firm, a consistent supply is expected.