Canary XRP ETF (XRPC) Tops Bitcoin and Solana ETFs in Debut Despite Price Drop
The debut of the Canary XRP ETF (XRPC) on November 14, 2025, marked one of the standout ETF launches of the year, drawing inflows and trading volumes that beat a number of established crypto ETFs — notably Solana-focused funds and even certain Bitcoin products. Market participants flagged the strong demand as a signal that institutional and retail appetite for alternative crypto ETFs remains robust, and that product differentiation can still pull sizable capital into the sector.
Despite the ETF’s blockbuster opening, XRP’s spot price failed to hold the initial momentum and dropped sharply after the announcement. The divergence highlights that ETF flows and secondary-market price action don’t always move in lockstep: initial trading can be driven by arbitrage, liquidity provision and event-driven positioning. Longer-term effects will depend on sustained inflows, secondary market liquidity and whether other altcoin ETFs follow with similar traction.