TLDR
- Grayscale’s GXRP ETF saw $67.4 million in net inflows on its first day of trading.
- Franklin Templeton’s XRPZ ETF attracted $62.6 million in net inflows during its debut.
- The total net inflows for XRP ETFs on their first day reached $164.1 million.
- Since launching on November 13, XRP ETFs have accumulated $586.8 million in net inflows.
- XRP gained 8.6% on Monday, driving investor interest in XRP-based ETFs.
Grayscale and Franklin Templeton’s new XRP exchange-traded funds (ETFs) each recorded net inflows of over $60 million on their first day of trading. These funds launched on NYSE Arca on Monday, attracting investor attention and outpacing other crypto ETFs. Grayscale’s GXRP and Franklin Templeton’s XRPZ raised $67.4 million and $62.6 million, respectively, according to data from SoSoValue.
Grayscale’s GXRP ETF Attracts $67.4 Million
Grayscale’s GXRP ETF saw strong investor interest, with $67.4 million in net inflows on its debut. The ETF converted from a closed-end trust, offering a direct investment in XRP. The ETF’s strong performance highlights the growing demand for crypto-based financial products.
David Mann, Head of ETF Product and Capital Markets at Franklin Templeton, described XRP as a digital asset that “plays a foundational role in global settlement infrastructure.” This comment comes as major players in the crypto ETF space continue to launch products tied to XRP.
The success of Grayscale’s GXRP ETF reflects a shift towards the adoption of digital assets by traditional financial institutions. As demand for XRP-based ETFs grows, Grayscale’s strong first-day performance sets the stage for future growth in the sector.
Franklin Templeton’s XRPZ ETF Draws $62.6 Million
Franklin Templeton launched the XRPZ ETF alongside Grayscale’s GXRP, attracting $62.6 million in net inflows. The investment management giant’s foray into the XRP ETF market showcases its confidence in the digital asset. Franklin Templeton is one of the largest asset managers, with over $1.5 trillion in assets under management.
Franklin Templeton’s entry into the XRP ETF market signals increased interest in digital assets. The XRPZ ETF’s performance on its first day of trading highlights investors’ appetite for exposure to XRP.
As traditional financial institutions continue to embrace crypto, the growth of XRP ETFs is expected to follow suit. Franklin Templeton’s strong debut in the XRP market indicates an optimistic outlook for the ETF in the coming months.
XRP ETFs Dominate, With $164 Million in Net Inflows
The XRP ETF category saw a total of $164.1 million in net inflows on its first day of trading. Canary Capital’s XRPC and Bitwise’s XRP funds contributed $16.4 million and $17.7 million, respectively. This brings the total net inflows for XRP ETFs to over $586 million since their launch on November 13.
XRP ETFs have yet to see any daily outflows, marking a successful start for the new investment products. Investors continue to show strong interest in XRP, with the asset’s price rising by 8.6% on Monday.
Despite the success of the XRP ETFs, other crypto ETFs, including those for Bitcoin and Ethereum, performed differently. Bitcoin ETFs experienced $151.1 million in net outflows, while Ethereum ETFs attracted $96.6 million in inflows. However, the success of XRP ETFs reflects growing investor interest in diversified crypto assets.
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