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Canary XRP ETF nets record trading volume of all ETFs launched this year

While cryptocurrencies had a rough day on Thursday, Canary’s XRP ETF had a record debut.

11/14/25 8:59AM

Canary Capital’s Canary XRP ETF launched Thursday and saw record trading volume, despite the overall crypto market crashing. The fund, trading on the Nasdaq under the ticker XRPC, registered $58.5 million in volume on its first day.

Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL's $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb
— Eric Balchunas (@EricBalchunas) November 13, 2025

Steven McClurg, founder and CEO of Canary Capital, told Sherwood News that despite the fact that markets were down “miserably” on Thursday, XRPC has set the highest first-day trading volume of any ETF in 2025.

Cryptos overall have been crushed this week, and XRP, Ripple’s native token, is down 8.5% over the past 24 hours.

“With total AUM after its first day just above $250M this achievement is a reflection of the immense demand from retail and institutional traders who have been desiring access to digital assets such as XRP for the past few years. The success is telling and we look forward to seeing XRPC continue to serve as an unique opportunity to access XRP,” McClurg said.

This figure surpasses the Bitwise Solana Staking ETF, launched on October 28, which had set the previous record with $56 million in first-day trading volume.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood that “frankly, none of it surprised me.”

“The XRP Army showed once again that they don’t mess around. There was plenty of social media activity leading into this launch, and the community came out in full force. More than $58 million in first-day trading volume. That’s impressive, but given the momentum behind XRP’s ecosystem, it wasn’t unexpected,” Hanley said.

Hanley said that XRP is one of the digital assets with real-world use cases, and Ripple continues to expand its business lines.

“Combine that with one of the most loyal and mobilized communities in crypto, and you get days like this. So while I can’t comment on the product itself, I can say the enthusiasm we saw today is another strong moment for the broader XRP community.”

A slew of additional XRP ETFs amended their filings and are set to hit the market next week, including those from Franklin Templeton, Bitwise, Grayscale, and WisdomTree.

In September, the launch of the Rex-Osprey XRP ETF marked the first XRP ETF available in the US. That month, the SEC approved generic listing standards for crypto ETFs, paving the way for speedier listings. Approvals now don’t require 19b-4 filings, eliminating that roadblock. There are currently more than 150 altcoin ETFs tracking 35 assets filed with the SEC.

“Everything in crypto that can go public will seek public markets. XRP’s ETF debut proves crypto is breaking out of the BTC-ETH box. This is how digital assets go fully mainstream,” Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood.

Yaël Bizouati-Kennedy

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Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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3/18/26

Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Sage D. Young3/17/26

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too