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Yesterday, Nov. 13th, Canary Capital’s new XRP ETF logged a $58M debut, making it the biggest ETF launch yet in 2025. Meanwhile, 
Bitcoin and 
Ethereum funds saw over $1B in combined outflows on the day amid market turbulence.
What's the scoop?
- Big Entrance: Canary's XRPC fund edged out Bitwise’s
Solana ETF, which opened to $57M trading volume in October, for the top 2025 ETF launch so far. - BTC & ETH Outflows: On the same day that XRPC launched, Bitcoin and Ethereum ETFs lost +$1.1 billion combined. The iShares Bitcoin Trust (IBIT) alone saw more than $250M in redemptions as Bitcoin fell below $99,000 for the first time in months.
- Shifting Liquidity: With BTC and ETH products increasingly viewed as mature holdings, some traders may be moving to new high-beta exposure through altcoin ETFs like XRPC and BSOL (Bitwise Solana).
Bankless take:
Investors seem eager for fresh, compliant ways to chase returns beyond just BTC and ETH. Thus as more crypto ETFs come online, we could be in store for a rotation era in which attention and liquidity flow to whatever's next in the ETF pipeline.
