The arrival of spot ETFs for XRP and Dogecoin has moved from speculation to reality, marking a significant milestone by bringing two of the most popular altcoins into the regulated mainstream investment world. This rapid succession of launches throughout November 2025 represents one of the fastest and most diverse expansions in the history of crypto ETFs.
A Landmark Week for Crypto ETFs
The institutional adoption of altcoins took a major leap forward this November with a tightly packed schedule of ETF launches. The rollout began when Canary Capital launched the first U.S. spot XRP ETF (XRPC) on November 13. The fund demonstrated substantial initial demand, setting a record for the highest day-one trading volume of any ETF launched in 2025, with $58 million in turnover and attracting nearly $250 million in inflows on its first day.
This was just the beginning of a wave of new products. Franklin Templeton, a traditional finance giant with $1.5 trillion in assets, debuted its XRP ETF (EZRP) on November 18, bringing immense legitimacy and access to its vast network of financial advisers. The momentum continues with Bitwise launching its XRP ETF, and the sequence is set to continue with 21Shares on November 21, CoinShares on November 22, and a final wave on November 25 featuring both Grayscale and WisdomTree. For Dogecoin, the path was pioneered earlier, with the first U.S.-based spot ETF (DOJE) launched by REX-Osprey on September 18, 2025.
Market Impact and Nuanced Price Action
The debut of these ETFs has produced a complex mix of robust institutional interest and near-term market volatility. While the Canary XRP ETF’s launch was met with record-breaking volume and inflows, the price of XRP itself fell by about 8-9% immediately afterward. This “sell-the-news” effect highlighted that other factors, like a broader crypto market sell-off and $28 million in derivatives liquidations, can temporarily overwhelm the positive demand signal from ETF inflows.
For Dogecoin, the path has also been volatile. In the lead-up to its first ETF, DOGE surged nearly 6%, fueled by whale accumulation of over 280 million coins and heavy trading volumes. This demonstrates the powerful, albeit sometimes fleeting, impact that the anticipation of institutional liquidity can have on market sentiment.
A New Regulatory Pathway
A key enabler for these launches, particularly for Dogecoin, has been a shift in the regulatory landscape. Many of these new funds, including the first Dogecoin and XRP ETFs, were structured as Registered Investment Companies (RICs) under the Investment Company Act of 1940. This framework provided a different pathway to market compared to the earlier spot Bitcoin and Ethereum ETFs, offering operational flexibility and tax benefits.
Furthermore, a significant development occurred in September 2025 when the SEC approved new generic listing standards for exchanges. This change streamlined the approval process, potentially shortening it from up to 240 days to about 75 days, thus fast-tracking a wider range of crypto ETPs to market.
The Broader Implications
The successful launch of XRP and Dogecoin ETFs represents more than just new investment products; it’s a test of institutional appetite for a wider range of digital assets. For XRP, in particular, this rollout is a powerful step toward mainstream legitimacy after years of regulatory challenges. It signals to conservative investors that crypto is becoming an asset class with established rules, moving beyond just Bitcoin and Ethereum.
The coming days will be crucial as the remaining XRP ETFs begin trading. The key to watch will be whether sustained inflows from these multiple funds can build enough demand pressure to overcome initial volatility and establish a new, stable footing for these assets in the institutional spotlight.
