24/7 Cryptocurrency News

Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs

Published by

Grayscale’s crypto index fund is off to a solid start, according to Bloomberg analyst Eric Balchunas. This comes amid the rising institutional demand for Solana and XRP, even as the potential launch of spot crypto ETFs for these altcoins draws near.

Advertisement

Grayscale’s Fund Off To A Solid Start Amid Rising SOL, XRP Demand

In an X post, Balchunas revealed that Grayscale’s CoinDesk Crypto 5 ETF did $22 million on its first day as an ETF, a development which he described as really “solid.” He also highlighted the fact that REX-Osprey’s Dogecoin and XRP ETFs did $12 million and $15 million, respectively.

The Bloomberg analyst noted that all these crypto ETFs have crushed the average ETF launch, although it is still a far cry from the Bitcoin ETFs. However, he added that the inflows are something that the ETF issuers can be happy about.

As CoinGape reported, Grayscale’s index-based fund, which holds BTC, ETH, SOL, XRP, and ADA, launched yesterday following approval from the SEC on September 17. This fund is the first spot crypto index fund to launch.

REX-Osprey Dogecoin and XRP ETFs also launched this week, becoming the first funds to offer spot exposure to these altcoins in the U.S. The DOGE ETF became the first fund to hold an asset that doesn’t exactly have any utility.

Advertisement

Rising Institutional Demand For These Altcoins

Solana and XRP, which are among the top altcoins by market cap, are recording rising institutional demand ahead of the potential launch of spot ETFs, which will hold them under the 33 Act. The CME official trader community X platform recently remarked that SOL is “moving at a new speed.”

The community account noted that SOL futures open interest (OI) has exceeded $2.1 billion notional volume, becoming the fastest of its futures products to double its OI since hitting $1 billion. The post further noted that it took BTC a month and ETH three years, while SOL did it in just 18 trading days.

The CME trader community remarked that this momentum confirms the shift in demand for crypto risk management tools beyond Bitcoin and Ethereum. It is worth noting that the CME XRP futures also hit $1 billion OI last month, becoming the fastest crypto contract to hit that milestone.

Amid the rising demand for its SOL and XRP futures products, CME has announced plans to launch options on these futures products on October 13. Meanwhile, Coinbase also recently highlighted the record demand for its SOL and XRP products.

The top crypto exchange revealed that in just one month, its SOL and XRP perpetual-style futures have scaled exponentially. These futures products have recorded $1.9 billion in notional volume and 1.6 million contracts traded.

Advertisement

Share
Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

Published by

Recent Posts

  • 24/7 Cryptocurrency News

Hyperliquid DEX Outperforms Top Crypto Exchanges Coinbase, Binance, Robinhood With Zero Downtime

Today's crypto market crash triggered major congestion at some of the top centralized exchanges like…

October 11, 2025
  • 24/7 Cryptocurrency News

Crypto Market Loses $670 Billion on CEX Auto Liquidations, Altcoins Crash Intensifies

The crypto market has witnessed the biggest single-day crash in history, with more than $19…

October 11, 2025
  • 24/7 Cryptocurrency News

Crypto Market Crash With 100% Trump Tariff Announcement on China

The crypto market is facing further declines following President Donald Trump’s announcement of a 100%…

October 11, 2025
  • 24/7 Cryptocurrency News

ASTER Airdrop Delayed to October 20 Amid Criticisms Over Token Allocations

Following complaints of consistency issues with the ASTER token airdrop, Aster DEX has announced a…

October 11, 2025
  • 24/7 Cryptocurrency News

U.S. Inflation Data: BLS to Release CPI Report on October 24 Amid Government Shutdown

The Bureau of Labor Statistics (BLS) has rescheduled the release of the September Consumer Price…

October 10, 2025
  • 24/7 Cryptocurrency News

Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies

A group of major world banks is working on a new stablecoin tied to G7…

October 10, 2025