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Dogecoin ETFs Hit Record Week After Bitwise Exit Plans. Will Price React?

Source Beincrypto

US spot Dogecoin (DOGE) exchange-traded funds (ETFs) drew $2.89 million in net inflows in the week ending September 25. That is their largest week since launch, according to SoSoValue data.

An ETF lets investors buy exposure to an asset through a normal brokerage account, much like buying a stock. The record came 11 days after Bitwise said it would shut its own Dogecoin fund.

Dogecoin ETF Inflows Beat the January Record

The previous weekly high was about $2.59 million, set in the week ending January 2, SoSoValue data shows. The week before this one brought in only $284,510.

All of the new money arrived in three sessions last week. Monday, Tuesday, and Friday.

Dogecoin ETF Weekly Flows. Source: SoSoValue

Grayscale Takes Nearly All the Money as Bitwise Exits

BeInCrypto reported on September 10 that Bitwise will liquidate its Dogecoin ETF, BWOW. Its last trading day is October 14, barely three weeks away. The fund has lifetime net outflows of $1.23 million and holds $801,400.

Dogecoin ETF Issuers. Source: SoSoValue

“Bitwise has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs,” the issuer stated.

Since that announcement, cumulative inflows into Grayscale’s GDOG rose from $11.7 million to $15.46 million. Meanwhile, 21Shares’ TDOG fell from $1.63 million to $1.03 million.

GDOG took all of Friday’s $806,060. It now holds $13.87 million, or about 81% of the group’s assets.

How Big is Dogecoin ETF Demand?

The funds hold 0.11% of Dogecoin’s total market value, SoSoValue data shows. DOGE traded near $0.098, with a market cap of about $15.3 billion, according to BeInCrypto Markets data.

DOGE Price Performance. Source: BeInCrypto

Quiet days are the norm. Between July 1 and September 18, the funds posted net flows on just nine trading days.

The Dogecoin record also landed in the same week US spot Bitcoin ETFs pulled in $2.39 billion. That total is more than 800 times the Dogecoin figure.

After October 14, two US spot Dogecoin funds will remain. Grayscale accounted for every dollar of Friday’s inflow.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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