Key Takeaways
- • Bitwise's XRP ETF closed its first trading day (November 19, 2025) with $25.93 million in volume across 1,127,647 shares traded—a respectable debut that fell 55.6% short of Canary Capital's XRPC ETF, which posted $58.5 million one week prior.
- • The Bitwise launch coincided with a severe market-wide selloff: the S&P 500 lost approximately $1.5 trillion intraday, Bitcoin plummeted to $87,000, and the total crypto market cap fell below $2.95 trillion, creating unfavorable trading conditions for all risk assets.
- • XRP's price slid below $2 immediately following the Bitwise ETF opening, extending a multi-month bearish technical pattern similar to late 2020 dynamics, with analysts noting a critical danger zone on weekly charts marked by bearish divergence.
- • Canary Capital CEO Steven McClurg publicly congratulated Bitwise and framed the competitive landscape as inclusive, stating "you don't have to be BlackRock to launch the top ETFs of 2025," while expressing confidence that both firms can reach top-five status.
- • Despite weaker first-day volume, multiple analysts projected stronger performance for Bitwise's second trading day as market liquidity conditions normalized following the acute selloff.
Summary
The Bitwise XRP ETF commenced trading on November 19, 2025, closing its inaugural session with $25.93 million in volume—a solid entry for a cryptocurrency product launching during one of the year's most turbulent market days. However, the debut volume trailed significantly behind Canary Capital's XRPC ETF, which achieved $58.5 million in trading volume on its launch one week earlier, underscoring the competitive dynamics emerging in the nascent XRP ETF marketplace.
The launch timing proved particularly challenging due to a market-wide liquidation event that unfolded simultaneously with the ETF's opening. The S&P 500 erased approximately $1.5 trillion from its intraday high, while Bitcoin experienced a sharp decline to $87,000, triggering cascading forced liquidations across cryptocurrency derivatives markets. The total crypto market capitalization fell below $2.95 trillion during the session, creating headwinds for all altcoins, including XRP, which declined below $2 just hours after the Bitwise ETF began trading.
XRP's technical setup has deteriorated materially over recent months. The token's price action has traced a multi-month bearish reversal pattern similar to patterns observed in late 2020, which preceded an extended correction. Weekly timeframe analysis shows a persistent bearish divergence, signaling structural weakness and placing the asset in what analysts characterize as a critical danger zone.
Despite the challenging first-day performance, Canary Capital CEO Steven McClurg offered public congratulations to Bitwise, framing the competitive environment positively. McClurg stated that both firms are demonstrating to Wall Street that "you don't have to be BlackRock to launch the top ETFs of 2025," and expressed support for Bitwise reaching the top five—"as long as you don't knock us out first." Several market analysts indicated that Bitwise could post stronger second-day trading volume as the acute market turbulence subsided and liquidity conditions normalized across risk assets.
The launch timing proved particularly challenging due to a market-wide liquidation event that unfolded simultaneously with the ETF's opening. The S&P 500 erased approximately $1.5 trillion from its intraday high, while Bitcoin experienced a sharp decline to $87,000, triggering cascading forced liquidations across cryptocurrency derivatives markets. The total crypto market capitalization fell below $2.95 trillion during the session, creating headwinds for all altcoins, including XRP, which declined below $2 just hours after the Bitwise ETF began trading.
XRP's technical setup has deteriorated materially over recent months. The token's price action has traced a multi-month bearish reversal pattern similar to patterns observed in late 2020, which preceded an extended correction. Weekly timeframe analysis shows a persistent bearish divergence, signaling structural weakness and placing the asset in what analysts characterize as a critical danger zone.
Despite the challenging first-day performance, Canary Capital CEO Steven McClurg offered public congratulations to Bitwise, framing the competitive environment positively. McClurg stated that both firms are demonstrating to Wall Street that "you don't have to be BlackRock to launch the top ETFs of 2025," and expressed support for Bitwise reaching the top five—"as long as you don't knock us out first." Several market analysts indicated that Bitwise could post stronger second-day trading volume as the acute market turbulence subsided and liquidity conditions normalized across risk assets.
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