New records were shattered yesterday, September 18, following the launch of REX-Osprey’s new U.S. spot crypto exchange-traded funds (ETFs).
One of them, the Dogecoin (DOGE) ETF trading under the ticker DOJE, racked up nearly $6 million in trading volume within an hour.
To put things into perspective, within just sixty minutes, the fund generated six times the typical volume of an average ETF launch, which usually sees around $1 million on the first day.
“My over/under got destroyed in the first hour of trading…That’s shockingly solid. Most ETFs trade under $1m on Day One,” wrote Bloomberg’s Senior ETF Analyst Eric Balchunas.
My over/under got destroyed in the first hour of trading as $DOJE already posting nearly $6m in volume. That's shockingly solid.. Most ETFs trade under $1m on Day One. https://t.co/wjAIowq7NW pic.twitter.com/7z22WIKPy0
— Eric Balchunas (@EricBalchunas) September 18, 2025
‘New crypto ETF onslaught’
REX-Osprey’s other product, the spot XRP ETF under the new ticker XRPP, likewise beat all expectations, generating nearly $25 million in trading volume in around an hour and a half.
“Investors look to ETFs as trading and access vehicles. The digital asset revolution is already underway,” said REX-Osprey chief executive officer (CEO) Greg King in a press release reported by Business Wire.
The explosive launch left the market in a state of shock, with Balchunas further predicting ‘a new onslaught’ of ETFs while emphasizing DOJE as a top 5 performer for the year.
$XRPR traded $37.7m on Day One, which edges out $IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 launches. Good sign for the onslaught of 33 Act ETFs coming soon.. pic.twitter.com/JaQP9ekFIq
— Eric Balchunas (@EricBalchunas) September 18, 2025
The SEC opens door for new crypto products
In the background, the U.S. Securities and Exchange Commission (SEC) approved new generic listing standards for commodity-based trusts on Wednesday, September 17, allowing trusts that meet defined criteria to list without a separate SEC order.
According to the SEC, trusts must trade their underlying assets on surveilled markets while maintaining futures histories or already back ETFs with significant exposure.
Additional requirements include daily publication of holdings, net asset values, and liquidity policies. In addition, market makers will face trading limits and firewalls implemented to prevent misuse of non-public information.
These developments could potentially open the door for new crypto products beyond Bitcoin (BTC) and Ethereum (ETH).
Featured image via Shutterstock
