The crypto world is making big moves again!

The first US Dogecoin (#DOGE) and Ripple (#XRP) ETFs exploded onto the market immediately upon launch—officially debuting on the CBOE exchange on the evening of September 18, with a total trading volume reaching 54,700,000 dollars on the first day, far exceeding analysts' expectations!

The market enthusiasm is astonishing! XRP ETF surpassed 24 million dollars just 90 minutes after launch, while DOGE made a strong comeback to rank in the top five new ETFs of the year.

Bloomberg analyst Eric Balchunas bluntly stated on the X platform, "Incredible": "Most new ETFs have only a trading volume in the millions on their first day, yet these two crypto funds surged directly to 54,700,000—so powerful!"

Specifically looking at the data is even more shocking:

XRP ETF (code: XRPR): It sold 24 million dollars within just 90 minutes of opening and ultimately garnered 37.7 million dollars throughout the day.

In contrast, the XRP futures ETF launched earlier only had a total trading volume on its first day that was one-fifth of this one, which can be described as a 'crushing start.'

Dogecoin ETF (code: DOJE): Initial analysis estimated a maximum of 2.5 million dollars on the first day, but it nearly reached 6 million dollars within the first hour, ending the day at 17 million dollars—strongly entering the top five among over 700 new ETFs this year!

A screenshot of a financial platform showing Rex XRP ETF trading data. The stock code is $XRPP, the latest price is 25.82, trading volume is 24,642,338, date is September 18, 2025, time is 11:05, also showing price range, latest transaction, and trading volume fields.

Currently, DOGE is quoted at 0.2792 dollars, and XRP is stable at 3.06 dollars. The heat generated by this wave of ETFs has played a significant role.

What is special about these two ETFs? They are listed through a 'fast track' and do not directly hold spot assets.

You might ask: How are they different from previous Bitcoin ETFs? The key lies in the registration mechanism—this batch of ETFs is registered under the 1940 Investment Company Act ('40 Act'), while BTC/ETH ETFs follow the '33 Act' process.

In simple terms:

The '40 Act' approval is faster (240 days, while the '33 Act' takes 275 days), but it cannot directly hold cryptocurrencies; instead, it tracks coin prices indirectly through a Cayman Islands subsidiary and offshore derivatives, similar to a 'proxy purchase' model.

The advantage lies in a high level of compliance, allowing ordinary investors to purchase directly through their brokerage accounts without the need to handle cryptocurrency wallets, making the entry threshold extremely low!

Balchunas was originally concerned that this type of structure would affect market acceptance, but reality hit hard: 'I thought everyone would wait and see, but they directly rushed to buy!'

Are there more good news?

The SEC has just lifted restrictions, and more altcoin ETFs are on the way.

More importantly, the SEC just passed new listing standards for cryptocurrency ETFs this Wednesday, which means a large number of altcoin ETFs may queue up for listing in the future.

Currently, DOGE and XRP ETFs are just 'appetizers,' but they have completely ignited market sentiment.

However, it should also be noted: the price of this type of 'indirect tracking' ETF may deviate from the actual coin price, and it is essential to understand its operational mechanism before investing.

But for ordinary investors who do not want to manage private keys themselves and wish to conveniently participate in the cryptocurrency market, this is undoubtedly a friendlier way to enter.

Follow me, I am @加密老七 , wishing you good luck! #DOGE $DOGE $XRP