- Canary Capital’s XRP ETF pulled $250M+ on launch day
- In-kind swaps drove the initial inflows
- Market watches for potential Day 2 surge
Canary Capital’s newly launched XRP ETF has made a dramatic entrance, racking up over $250 million in inflows on its very first trading day. This early surge was largely fueled by in-kind swaps, a process where institutional investors contribute XRP tokens in exchange for ETF shares. The launch signals growing investor interest in XRP-backed financial products.
This ETF offers exposure to XRP without the need for direct ownership of the token, making it attractive to traditional investors looking to enter the crypto space through a regulated vehicle. The in-kind swap model also reduces trading fees and improves tax efficiency—adding to its appeal.
What In-Kind Swaps Mean for XRP
In-kind swaps are commonly used in ETFs to streamline operations. In this case, institutions provide XRP directly to the fund in return for shares, which keeps the ETF liquid and helps stabilize pricing. This method minimizes market slippage and can support larger volume movements without spiking XRP prices unnaturally.
The Day 1 inflows suggest substantial institutional confidence in XRP’s future, and perhaps more broadly, in crypto ETFs as a growing asset class. If this interest continues, we may see XRP’s price and visibility benefit significantly.
Day 2 and Beyond: Will the Momentum Continue?
With such a strong start, all eyes are now on Day 2. Will Canary’s XRP ETF break more records? The next 24 to 48 hours will be crucial in determining whether this is a one-time splash or the start of sustained demand. A strong Day 2 showing could also influence other asset managers to explore similar XRP products.
If positive momentum continues, this ETF could play a key role in legitimizing XRP in mainstream finance, especially following its partial legal clarity in the U.S. earlier this year.
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