Bitwise XRP ETF Day 1: Institutions Accumulate Amid Price Weakness

The Bitwise XRP ETF launched on November 20, 2025. It was a big moment for XRP investors. The fund saw strong demand from the start. Institutions moved quickly to buy, even as XRP’s price dropped.

Heavy Inflows and Fast Trading

Bitwise recorded $105.36 million in inflows on Day 1. Canary Capital’s XRPC ETF added another $12.80 million. Together, the two ETFs brought in $118.16 million in net inflows.

Trading volume was impressive from the opening bell. With about a bit over 2 hours left in the session, Bloomberg ETF analyst James Seyffart reported that, “Bitwise’s $XRP is almost at $22 million in trading today.”

“Quite impressive for the second product to market a full week after @CanaryFunds’ $XRPC, which is the #1 launch by volume this year.” In his post, he had mentioned 3 hours, which he later noted was wrong (correct: 2 hours) in the same thread.

By the close, Bitwise’s volume settled in the $22–26 million range. The ETF opened at $24.15 and finished its first day at $22.46 (−7%).

Meanwhile, XRP’s spot price had already been under pressure, dropping 14% over the prior week from ~$2.40 highs to $2.10 on November 20. As of November 21 (mid-session), XRP was trading at $1.99.

Institutions Accumulate Quietly

Large investors utilized OTC desks and ETF creations to purchase XRP without significantly impacting the market. Retail traders mostly sold the news. This created a gap: price fell, but inflows rose. That’s a classic “buy the dip” move from smart money.

Bitwise seeded the fund with 1.11 million XRP, worth about $2.27 million. This helped kickstart trading. Ripple CTO David Schwartz joined Bitwise leaders at the launch event.

They talked about the approval process and what investors should expect. Ripple CEO Brad Garlinghouse congratulated Bitwise and joked about a pre-Thanksgiving rush.

XRP ETFs Gain While BTC and ETH Bleed

While XRP ETFs grew, Bitcoin and Ethereum ETFs saw big outflows. On the same day, Bitcoin spot ETFs shed $903.11 million. Ethereum spot ETFs dropped $261 million. November outflows for BTC and ETH now total over $4.4 billion. That’s their worst month ever.

Canary’s XRPC ETF launched a week earlier. It posted $58.5 million in day-one volume and $245 million in net inflows. It now holds $268.88 million in assets. On November 19 alone, it added $15.82 million in fresh inflows.

More XRP ETFs Are Coming

Bitwise has entered a growing market. Franklin Templeton, Grayscale, 21Shares, and WisdomTree have also filed. Some may launch as early as November 24. Analysts expect $5–8 billion in total inflows over the first year. Each new ETF will lock up more XRP, thereby reducing the overall supply.

There’s also talk about BlackRock. The firm hasn’t filed anything yet, but the idea alone has sparked interest online. Amid this, there is also some chatter about ticker symbols. Bitwise managed to grab “XRP” as the fund’s ticker.

Some users liked the clear branding. Others worried it might confuse new investors. Bitwise CIO Matt Hougan said the choice was intentional. He wanted a ticker that matched the product’s focus.

What it Means for XRP

On-chain data shows large wallets are still buying. OTC desks report steady demand. Most of this buying doesn’t hit public order books right away. That means price reactions can take days or weeks.

Short-term, XRP may stay weak if Bitcoin stays below $90,000. Long-term, the supply shock is building. Fewer coins are available for sale. Institutional demand keeps rising.

This same pattern happened with Bitcoin and Ethereum ETFs. Prices dipped at launch, then, inflows pushed prices higher months later.

Overall, day 1 showed that institutions are not afraid of falling prices. They are using ETFs to buy XRP at lower levels. The Bitwise launch was not just successful; it is poised to shift how investors view XRP.