Dogecoin (CRYPTO: DOGE) and XRP (CRYPTO: XRP) are rallying on Thursday as their ETF launches coincide with the SEC announcing its “generic listing standards” for crypto exchange-traded products.
What Happened: Bitwise Chief Investment Officer Matt Hougan explained that these new rules could allow automatic approvals within 75 days if filings meet clear requirements, rather than the current slow case-by-case process.
Likely criteria include the presence of a regulated futures contract, which could soon open the door to ETFs on Solana C(RYPTO: SOL), Chainlink (CRYPTO: LINK), Cardano (CRYPTO: ADA) and more.
After similar rule changes for traditional ETFs in 2019, annual launches more than tripled.
Experts say while not every crypto ETP will see strong inflows, the ease of access could boost visibility, legitimacy, and volatility across altcoins.
Also Read: XRP Whales Offload 200 Million Ahead Of ETF Launch: What Do They Know?
Why It Matters: CryptoQuant’s head of research predicted in an interview with CryptoSlate that between 1% and 4% of XRP’s circulating supply could be absorbed by ETFs in the first year, equivalent to 600 million to 2.4 billion tokens (valued at $1.8 to $7.2 billion) at current prices.
Bloomberg Senior ETF Analyst Eric Balchunas stated that the DOJE ETF volume on its first trading day hit an impressive $5.8 million in the first hour, far more than the $1 million most ETF launches record in the same timeframe.
The spot XRP ETF volume of $24 million within 90 minutes of its launch is five times the volume of futures XRP ETFs, further underscoring the demand for the launched products.
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This article Dogecoin, XRP Spot ETFs See Record First-Hour Trading Volumes As SEC Announces New Listing Standards originally appeared on Benzinga.com
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