Eric Balchunas, Bloomberg’s senior ETF analyst and the guy who probably has a spreadsheet named “ETF Dreams,” announced that the Teucrium 2x Long Daily XRP ETF (XXRP) raked in a cool $5 million on its first day. 🤑
Balchunas, who clearly has a knack for understatement, called the debut “very respectable.” Respectable? That’s like calling a tornado “a bit breezy.” Apparently, XXRP is now in the top 5% of new ETF launches, which is either a testament to its success or a sad commentary on the rest of the ETF world. 🤷♂️
John Deaton, a pro-XRP lawyer and former Senate candidate (because why not?), took to X (formerly Twitter) to defend XRP’s honor. “Despite all the negative sentiment from people within the crypto industry,” he said, “I’ve always maintained that XRP has much more appeal than industry players want to admit.” Sure, John. And I’ve always maintained that pineapple belongs on pizza. 🍕
For those of you who don’t speak Wall Street, this ETF offers 2X leveraged exposure to XRP via swaps. Translation: it’s basically a rollercoaster for people who enjoy losing sleep over short-term speculation. 🎢
Meanwhile, XRP’s price is down by more than 5% in the last 24 hours. Ripple announced a historic acquisition deal on Tuesday, but apparently, the market’s response was, “Meh.” 📉
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2025-04-09 08:43