Nasdaq has listed Canary Capital’s XRP ETF, and CryptoQuant thinks that whales acted too quickly by entering the market before the ETF launched.
Blockchain analytics platform CryptoQuant has pointed out that whales were active before the launch of spot XRP Exchange Traded Funds (ETFs). The firm made this statement following Nasdaq’s move to list Canary Capital’s ETF that will track the price of XRP.
Canary Capital XRP ETF Defies US Government Shutdown
On Nov. 12, Nasdaq noted that it certified the Canary XRP ETF, which can now be traded publicly.
This detail was spelled out in a filing sent to the United States Securities and Exchange Commission (SEC) on Nov. 12. The plan is to list the fund on the Nasdaq platform by Nov. 13 under the ticker symbol XRPC.
Ordinarily, approvals are not expected at this time since agencies are not required to be in full operation. However, the crypto market saw a few ETFs get greenlighted irrespective of the shutdown.
Canary Capital filed to list this spot XRP ETF as far back as October 2024, but did not get a response from the US SEC. At the time, it noted that the fund will track XRP XRP $2.35 24h volatility: 0.3% Market cap: $142.27 B Vol. 24h: $6.17 B price using the Chicago Mercantile Exchange (CME) CF Ripple index.
The asset manager asserted that the fund would avoid using derivative products for tracking the value of XRP.
This is in addition to being subject to “additional counterparty and credit risks.” Meanwhile, this Canary Capital XRP ETF was one of the five that appeared on DTCC earlier this week. The other four were from Franklin Templeton, Bitwise, 21Shares, and CoinShares
Retail Traders’ Influence on XRP ETF Market
CryptoQuant highlighted that an influx of whales in the XRP market was observed just before the announcement of Canary’s XRPC launch.
Whales Acted Before the XRP ETF — Retail Arrived After, Changing the Setup
“Once retail enters late, the market typically becomes more volatile and less predictable, as sentiment starts mixing with earlier informed flows.” – By @Woo_Minkyu pic.twitter.com/QtsYQnd6yx
— CryptoQuant.com (@cryptoquant_com) November 13, 2025
This hinted at possible early positioning while the price was still compressed. The analytics platform went further to say this situation didn’t matter as much as retail traders are active in the market after the XRP ETF was announced.
“Once retail enters late, the market typically becomes more volatile and less predictable, as sentiment starts mixing with earlier informed flows. The ETF news accelerated this transition by drawing in traders who were not present during the buildup,” CryptoQuant explained.
The Canary XRPC is likely to frontrun the XRP price rebound from the current level at $2.46.
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