Three U.S. dogecoin ETFs have collected just over $12 million in nearly 10 months, less than what XRP funds pulled in during a single day. Bitwise plans to close its BWOW Dogecoin ETF, with trading ending Oct. 14, while rival funds tracking XRP and Solana have taken in a combined $3 billion since launching last year.
Bitwise will shut its Dogecoin ETF, BWOW, less than a year after the fund launched in November. Trading is expected to end Oct. 14, with remaining shareholders receiving cash on Oct. 22.
The closure caps a stretch of weak demand across dogecoin exchange-traded funds. It also raises a sharper question for altcoin ETFs more broadly: what problem are they solving for investors who can already buy the token directly.
One day of XRP flows equals 10 months of dogecoin
XRP products added $12.29 million on Sept. 9 alone, while the three tracked dogecoin funds have taken in just over $12 million combined since rolling out nearly 10 months ago. Both sets of products launched within weeks of each other last November.
Since going live, XRP funds have collected $1.7 billion in net inflows and Solana funds have brought in $1.36 billion. Each category has drawn more than 100 times the dogecoin group's total.
Long stretches without fresh money
The three dogecoin funds recorded no net flows on 166 of 199 trading days tracked, with positive inflows on just 28 days and outflows on five. Twice, the group went 18 consecutive sessions without any reported addition or withdrawal.
Even a rally failed to shift the pattern. Dogecoin rose more than 30% over the last two weeks of August, yet the funds took in about $800,000 across two sessions and nothing on the other nine. From Aug. 13 through Sept. 10, the dogecoin group posted a net withdrawal of roughly $108,000. Over the same 20 sessions, XRP funds added $190.5 million and Solana funds brought in $199 million.
A verdict on the fund, not the coin
Bitwise's original pitch leaned on dogecoin's existing following. Jordan Jefferson, founder of MyDoge and DogeOS, told CoinDesk that easier access addresses only part of the investment case, since dogecoin already has deep liquidity and broad distribution across exchange and brokerage wallets.
According to CoinDesk, Smoke, a pseudonymous representative of Own The Doge, said the fund sat "between two audiences but served neither". He called it a failure to find a market for the fund, rather than a verdict on dogecoin itself.
Source: CoinDesk
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