21Shares’ XRP ETF is set to join the list of funds already trading in the market. This comes as institutional demand grows with the ETFs recording $666 million in inflows in less than a month of full trading.
21Shares XRP ETF Set to Launch on Monday
According to a new filing, 21Shares has been cleared to start trading for its U.S. spot XRP ETF on Monday. The fund will trade under the ticker TOXR. The fund will be listed on the Cboe BZX Exchange after being given the go ahead by the U.S. SEC.
This listing follows the automatic approval by the issuer with the SEC using a Form 8-A. It completes one of the last steps that have been required for a U.S.-listed crypto ETF to enter the market. The launch puts 21Shares alongside major issuers who are already seeing demand for their products.
The forthcoming listing places the fund as the fifth XRP ETF to list in the U.S. market within days. Earlier in the week, other funds from Grayscale and Franklin Templeton hit the market. GXRP had flows of $67.36 million on its first day, while XRPZ had $62.59 million.
The 21Shares product will track the CME CF XRP-Dollar Reference Rate. It would let holders get exposure to the spot price of XRP without holding the asset directly.
The new fund comes when the momentum among investors seems to be growing. Already, the current funds have recorded great inflows.
Institutional Inflows Reach $666 Million in Less than a Month
According to data from SoSoValue, the launched products saw $666 million in net inflows in less than one month. Total net assets reached $687.81 million. For context, this is about 0.52% of XRP’s total market cap.
Source: SoSoValueThis came with no recorded outflow throughout the period. Its highest inflows were seen with Canary’s debut on November 14. Inflows increased during the most recent days of trading. This includes the most recent figure of $22.68 million entering the products yesterday.
This accumulation has quietly reduced the liquid XRP exchange supply as custodians store tokens in regulated vaults.
Meanwhile, CoinShares has withdrawn the filing for its previously expected XRP product. The change happened after many amendments were submitted in August and October.
Expert Chad Steingraber noted that CoinShares is making some changes to its company structure probably the reason for the withdrawal.
Source: https://coingape.com/21shares-xrp-etf-to-begin-trading-on-monday-as-institutional-inflows-hit-666-million/
