Bitwise closes Dogecoin ETF as demand fails to materialize
Dogecoin (DOGE)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that Bitwise is discontinuing its Dogecoin ETF (NYSE: BWOW) in October, signaling that regulatory approval does not guarantee sustained demand. The fund will cease trading on October 14 and liquidate by October 21, with cash distributions expected around October 22. Bitwise stated it is optimizing its product range to meet evolving investor needs, without citing specific volume or cash triggers.
However, data shows the fund never achieved meaningful scale, holding just $721,815 in assets by September 8. Since its inception in November 2025, the fund suffered a cumulative NAV return of -45.37%, with net assets falling from $1.15 million at the end of 2025 to $473,547 by June 30. Trading volume peaked at roughly $3 million during launch week but never recovered that level.
In contrast, Bitwise’s Hyperliquid ETF has attracted significantly more interest, with on-chain data showing wallets buying over $5 million of HYPE in a single week. While U.S. Dogecoin ETFs generated about $300 million in cumulative volume, they trailed Hyperliquid ETFs at $2.1 billion and Zcash products at $1.5 billion. The closure highlights that easier listing standards do not equal equalized demand, with Solana and XRP products attracting nearly $880 million and $1 billion respectively.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 11 September 2026. Not the outlet's figures.
Whalio spot data shows Dogecoin trading at $0.08291 with a 24-hour buy ratio of 47.3%, indicating a slight bearish tilt in the last day. The 1-hour buy ratio sits at 46.7% and the 4-hour ratio at 48.2%, suggesting that short-term buying pressure is fading relative to the daily average. Volume delta confirms this weakness, showing a net outflow of -$3,561,353 over 24 hours, with negative deltas of -$85,151 and -$190,398 in the shorter timeframes. Cumulative volume delta (CVD) closed at -$4,490,420, meaning sellers dominated the market for 15 out of the last 24 hours. This indicates that despite the ETF news, immediate spot demand remains subdued and inconsistent.
The latest daily buy ratio of 37.6% sits at the 0th percentile of the last 322 days, against a median of 48.9% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for DOGE, averaged over the days leading up to the story.
Compared to the preceding week, today’s activity represents a continuation of a downward trend rather than an isolated event. The 7-day average buy ratio was 50.2%, making today’s 47.3% reading 2.9 percentage points lower than the weekly norm. Spot volume today was 0.77x the weekly average, confirming that trading interest has dropped significantly. While the 8-day volume delta was positive at +$1,341,597, today’s sharp negative delta suggests a recent shift away from the weekly buying pattern. This marks an unusual day of net selling for the coin, contrasting with the three days of net buying recorded over the previous seven days.