The Canary Capital XRP exchange-traded fund (ETF) had a successful debut, with $58 million in trading volume and over $250 million in inflows, making it the most successful ETF launch of 2025. The fund’s in-kind creation model attributed to its success, allowing ETF shares to be exchanged for XRP tokens.

Smart money traders rotated into XRP long positions after the ETF launch, adding $44 million worth of net long XRP positions in the past 24 hours. The traders were net long on XRP with a cumulative $49 million, while remaining net short on SOL with $55 million in cumulative short positions on Hyperliquid.

Bitcoin ETFs experienced $866 million in negative outflows on Thursday, the second-worst day on record, following the $1.14 billion daily outflows on February 25, 2025. XRP is holding near $2.30, showing relative stability, but still affected by declining liquidity and cautious investor sentiment.

Read more at Cointelegraph: Canary XRP ETF’s Record Launch Brings $250M Inflows Via In-Kind Redemptions