DOGE and XRP Score ETFs—But Crypto Traders Just Shrug: Americas Daybook

ETFs arrive for Dogecoin and Ripple—and the market responds with a collective ‘meh.’

The Non-Reaction

Traders barely flinch as new exchange-traded funds launch. No major price pumps, no sell-off frenzy—just another day in crypto.

Same Old Story

Another product, another round of institutional validation that retail largely ignores. Because when you’ve survived 90% drawdowns and meme-driven rallies, what’s one more ETF?

Wall Street’s Checklist Move

Asset managers keep ticking boxes—first Bitcoin, then Ethereum, now DOGE and XRP. Because nothing says ‘innovation’ like repackaging existing volatility into a tidy fee-generating wrapper.

What to Watch

• Crypto
  • Sept. 19: Grayscale Digital Large Cap Fund, which became the Grayscale CoinDesk Crypto 5 ETF on Sept. 18, will uplist to the NYSE Arca Exchange and start trading under the ticker GDLC.
• Macro
  • Sept. 19, 8:30 a.m.: Canada July retail sales YoY Est. N/A (Prev. 6.6%), MoM (final) Est. -0.8%.
  • Sept. 19 (after market close): Quarterly S&P 500, 400 and 600 rebalancing takes effect, adding Robinhood (HOOD).
• Earnings (Estimates based on FactSet data)
  • None scheduled.

Token Events

• Governance votes & calls
  • Gnosis DAO is voting on a $40,000 pilot growth fund using conviction voting on Gardens to empower GNO holders and support small, community-led ecosystem initiatives. Voting ends Sept. 23.
  • Balancer DAO is voting on an ecosystem roadmap and funding plan through Q2 2026. It sets growth, revenue, innovation and governance targets and requests $2.87 million in USDC and 166,250 BAL to fund initiatives. Voting ends Sept. 23.
• Unlocks
  • Sept. 20: Velo (VELO) to unlock 13.63% of its circulating supply worth $43.39 million.
• Token Launches
  • Sept. 19, 9 a.m.: Enosys set to introduce XRP-backed stablecoin to Flare
  • Sept. 19: Lombard (BARD) to be listed on Poloniex.
  • Sept. 20: Reserve Rights (RSR) to conduct a token burn.

Conferences

• Day 3 of 3: AIBC 2025 (Tokyo, Japan)
• Day 4 of 4: EDCON 2025 (Osaka, Japan)
• Sept. 19: DEF-AI 2025 (Tblisi, Georgia)

Token Talk

By Oliver Knight

• Aster, the native token of its namesake decentralized exchange, rose 33% in the past 24 hours to contribute a 650% gain since it was issued earlier this week.
• The token was touted on X by Binance founder Changpeng Zhao, who claims the token is a direct competitor to HyperLiquid's HYPE.
• Nearly 330,000 wallets used Aster ahead of a series of exchange listings for the token, with daily trading volume hitting $420 million.
• The platform's introduction hasn't been without controversy, one of the Aster team members had to say "funds are safe" on Discord in response to concerns about whether funds could be withdrawn.
• It is also claimed that Aster is just a rebrand of Apollox, a decentralized perpetuals exchange that has been around for years.
• Nonetheless, the platform has proven attractive in the past 24 hours and is considered by some traders as a viable alternative to HyperLiquid, whose token has a market cap of $18.7 billion compared with Aster's $1 billion.

Derivatives Positioning

• AVAX is the only top 20 cryptocurrency to boast an increase in perpetual futures open interest over the past 24 hours. The rest of the coins have seen flat to negative OI, a sign of capital outflows.
• According to data source Glassnode, 5,000 BTC in long positions is vulnerable to liquidation if the price drops below $117,000. There is also a build up of short positions at higher price levels, representing a sell-on-rise mentality.
• Most majors, excluding LINK, DOT and TRX, have seen net selling in futures, as evidenced by their negative 24-hour cumulative volume deltas. This indicates the possibility of a sharp drop in altcoins later today alongside a growing risk aversion on Wall Street.
• On the CME, bitcoin futures OI has bounded to 149K BTC, ending a two-month downtrend. (Check the Technical Analysis section). Perhaps, fresh shorts are coming in, as the annualized three-month premium remains below 10% and looks to be trending south. Ether's futures OI has risen back above 2 million ETH.
• On Deribit, traders continue to chase put options tied to BTC in a sign of lingering downside concerns. Flows over OTC network Paradigm featured calendar spreads and put writing.

Market Movements

• BTC is down 0.9% from 4 p.m. ET Thursday at $116,531.51 (24hrs: -0.61%)
• ETH is down 1.81% at $4,523.65 (24hrs: -1%)
• CoinDesk 20 is down 1.82% at 4,334.77 (24hrs: -1.27%%)
• Ether CESR Composite Staking Rate is up 3 bps at 2.92%
• BTC funding rate is at 0.0042% (4.5651% annualized) on Binance

• DXY is up 0.24% at 97.58
• Gold futures are up 0.34% at $3,690.80
• Silver futures are up 0.86% at $42.48
• Nikkei 225 closed down 0.57% at 45,045.81
• Hang Seng closed unchanged at 26,545.10
• FTSE is up 0.06% at 9,233.88
• Euro Stoxx 50 is up 0.14% at 5,464.39
• DJIA closed on Thursday up 0.27% at 46,142.42
• S&P 500 closed up 0.48% at 6,631.96
• Nasdaq Composite closed up 0.94% at 22,470.72
• S&P/TSX Composite closed up 0.45% at 29,453.53
• S&P 40 Latin America closed down 0.75% at 2,906
• U.S. 10-Year Treasury rate is up 1.4 bps at 4.118%
• E-mini S&P 500 futures are unchanged at 6,693.75
• E-mini Nasdaq-100 futures are unchanged at 24,709.50
• E-mini Dow Jones Industrial Average Index are unchanged 46,503.00

Bitcoin Stats

• BTC Dominance: 57.92% (+0.31%)
• Ether-bitcoin ratio: 0.03879 (-1.01%)
• Hashrate (seven-day moving average): 991 EH/s
• Hashprice (spot): $52.08
• Total fees: 3.69 BTC / $432,583
• CME Futures Open Interest: 149,110 BTC
• BTC priced in gold: 31.9 oz.
• BTC vs gold market cap: 9.03%

Technical Analysis

• Open interest in BTC futures listed on the CME has surged from 133K to 149K BTC, ending a two-month downtrend.
• The change shows renewed capital inflows into the market, although the direction of the flows remains unclear.

Crypto Equities

• Coinbase Global (COIN): closed on Thursday at $343.13 (+7.04%), -0.62% at $341.00 in pre-market
• Circle (CRCL): closed at $140.42 (+7.16%), +2.53% at $143.97
• Galaxy Digital (GLXY): closed at $33.08 (+0.21%), -1.75% at $32.50
• Bullish (BLSH): closed at $65.61 (+20.72%), -2.85% at $63.74
• MARA Holdings (MARA): closed at $18.5 (+6.69%), -0.65% at $18.38
• Riot Platforms (RIOT): closed at $17.51 (-0.62%), -0.69% at $17.39
• Core Scientific (CORZ): closed at $16.75 (+2.95%), -0.12% at $16.73
• CleanSpark (CLSK): closed at $13.46 (+17.66%), -1.26% at $13.29
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $41.1 (-0.12%), -1.41% at $40.52
• Exodus Movement (EXOD): closed at $29.26 (+3.61%)

• Strategy (MSTR): closed at $349.12 (+5.89%), unchanged in pre-market
• Semler Scientific (SMLR): closed at $29.49 (+6.54%), unchanged in pre-market
• SharpLink Gaming (SBET): closed at $17.22 (+0.58%), -0.41% at $17.15
• Upexi (UPXI): closed at $6.82 (+12.08%), -1.03% at $6.75
• Lite Strategy (LITS): closed at $2.71 (+3.83%), +3.69% at $2.81

ETF Flows

Spot BTC ETFs

• Daily net flows: $163 million
• Cumulative net flows: $57.46 billion
• Total BTC holdings ~1.32 million

Spot ETH ETFs

• Daily net flows: $213.1 million
• Cumulative net flows: $13.89 billion
• Total ETH holdings ~6.6 million

Source: Farside Investors

While You Were Sleeping

• XRP and DOGE ETFs Smash Records with $54.7M Combined Day-One Volume (CoinDesk): Rex-Osprey’s XRP ETF debuted with $37.7 million in trading, the year’s largest ETF launch. The dogecoin fund ranked in the top five with $17 million.
• Bitcoin Traders Buy More Downside Protection After Fed Rate Cut: Deribit (CoinDesk): Bitcoin traders continue to eye downside volatility, hedging their bullish exposure despite recent positive signals, such as the Federal Reserve’s rate cut, according to Deribit CEO Luuk Strijers.
• ARK Doubles Down on Solmate, Buys $162M of Shares After Funding SOL Treasury Purchase (CoinDesk): Cathie Wood’s ARK bought 6.5 million Solmate (BREA) shares across three ETFs after taking part in the firm's $300 million raise to fund its Solana (SOL) treasury strategy.
• Gilts Fall as Deficit Numbers Highlight U.K.’s Fiscal Woes (Bloomberg): The U.K.’s budget deficit hit 18 billion pounds ($24 billion) in August, the highest for the month in five years, pushing 10-year bond yields to 4.71% and weakening sterling.