Dogecoin ETF Debut Slumps to $1.4M as Bitwise Preps BWOW
Grayscale’s first US spot Dogecoin ETF (GDOG) launched Monday with just $1.4M in first-day trading volume. This fell well below the $12M consensus forecast. The underwhelming debut highlights cautious investor demand for niche crypto ETFs. Bitwise is set to list its own spot Dogecoin ETF (BWOW) on Wednesday under the Securities Act of 1933, offering direct DOGE holdings but facing a 240-day approval period. In contrast, Osprey’s offshore-structured DOJE ETF under the Investment Company Act of 1940 drew $17M at launch. Meanwhile, new spot XRP ETFs from Franklin Templeton (XRPZ) and Grayscale (GXRP) recorded combined inflows of $129.95M. ETF analysts predict more than 100 similar crypto ETFs may hit the market in the next six months. Traders should watch Dogecoin ETF volumes and regulatory developments to gauge investor appetite.
Bearish
Grayscale’s spot Dogecoin ETF debut falling short of forecasts highlights muted investor interest in DOGE products, likely exerting short-term downward pressure on DOGE price. The impending launch of Bitwise’s BWOW and competition from higher-volume offshore ETFs like Osprey’s DOJE may further fragment liquidity and dampen momentum. In the medium to long term, regulatory clarity and a growing ETF suite could support DOGE’s institutional adoption, but immediate market sentiment remains cautious. Traders should monitor ETF volumes and inflows as key indicators of DOGE’s price trajectory.