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The debut of the Canary Capital XRP exchange-traded fund (ETF) signals renewed demand for altcoins, after the fund posted the strongest first-day performance of more than 900 ETFs launched in 2025.
Canary Capital’s XRP (XRP) closed ETF his first day with 58 million dollars in trading volume, which marks the most successful ETF debut of 2025 among crypto and traditional ETFs, said Bloomberg ETF analyst Eric Balchunas in a Thursday X. place.
The new fund gained more than $250 million in inflows during its first day of trading, surpassing the recent inflows of all other crypto ETFs.
Part of the reason for the successful launch was the in-kind creation model of the ETF, according to ETF analyst Nate Geraci.
“A few people who wonder how it is possible to have ‘only’ $59mil trading volume, but almost $250mil flows… The answer? Creations in kind, which do not appear in the trading volume,” wrote Geraci in a Thursday X. place.
The redemption-in-kind model allows the creation and redemption of ETF shares through the underlying asset, as opposed to cash-only transaction models. In this case, Canary Capital ETF shares can be exchanged for XRP tokens.
United States Securities and Exchange Commission (SEC). approved in kind creation and redemption for cryptocurrency ETFs on July 29, Cointelegraph reported at the time.
Smart money traders rotate in XRP longs after debut in ETF
The launch of the ETF inspired a bullish rotation among the industry’s most successful traders, followed by returns and labeled as “smart money” traders on the crypto intelligence platform. Nansen.
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Smart money traders have added $44 million of net long XRP positions in the past 24 hours, signaling further expectations for the token.
The cohort was net long on the XRP token, with a cumulative $49 million, but was net short on the Solana (SOL) token, with $55 million of cumulative short positions on the Hyperliquid decentralized exchange.
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“XRP is close to $2.30, showing relative stability, but still feeling the effects of declining liquidity and cautious investor sentiment,” Ryan Lee, chief analyst at Bitget exchange, told Cointelegraph.
“For now, the setup looks like a healthy reset, not the end of the cycle, with SOL and XRP well positioned to lead the next wave once confidence returns.”
Spot Bitcoin ETFs saw $866 million in negative flows on Thursday, its second worst day on record, after $1.14 billion in flows on the day of February 25, 2025, according to at Farside Investors.
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