Bitwise liquidates DOGE ETF as Dogecoin faces $0.08 breakdown risk
Dogecoin (DOGE)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that Dogecoin edged higher on Friday after two consecutive days of roughly 3% losses, though the near-term outlook remains bearish. Bitwise announced on Thursday that it will liquidate its Dogecoin ETF, BWOW, to streamline its product lineup and respond to shifting investor demand. The fund’s final trading day is October 14, after which it will cease operations and begin converting holdings into cash.
Bitwise expects to complete the liquidation and distribute remaining cash to shareholders by October 22. As of Thursday, BWOW held approximately $687,730 in net assets, a figure considerably smaller than Grayscale’s GDOG ETF at $8.61 million or 21Shares’ TDOG fund at $2.53 million. This scale difference likely explains Bitwise’s decision to remove the fund from its range, though the conversion process could still add modest selling pressure.
Dogecoin traded slightly above $0.0800 but remained below key technical indicators on the four-hour chart. Specifically, DOGE sits beneath its 100-period EMA at $0.0857 and its 50-period EMA at $0.0870. The token is also testing its 200-period EMA near $0.0827, which acts as immediate dynamic support. A confirmed move below this level could push Dogecoin toward the recent low of $0.0801.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 12 September 2026. Not the outlet's figures.
Whalio data shows Dogecoin trading at $0.08430 with a 1-hour buy ratio of 31.1%, indicating immediate selling pressure that contrasts with the 4-hour buy ratio of 48.9%. The 24-hour buy ratio stands at 50.1%, suggesting that over the longer term, buying and selling are roughly balanced. However, the 1-hour volume delta is negative at -$302,035, showing that recent trades have been dominated by sellers. This negative delta persists over 4 hours at -$84,168, but flips to a positive $210,994 over 24 hours. The cumulative volume delta (CVD) for the 24-hour close is positive at $940,864, indicating that net buying has outweighed selling over the full day. Despite the positive daily flow, the immediate 1-hour metrics suggest a short-term shift toward selling dominance.
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.
Over the preceding week, the average buy ratio was 49.8%, making today’s 24-hour ratio of 50.1% nearly identical to the weekly norm. Trading volume today was 0.78x the weekly average, indicating a quieter day for the asset. The 8-day volume delta totaled +$1,389,391, with price changing only -0.6% over eight days. Net buying occurred on only 2 of the 7 days in the preceding week. This suggests that today’s trading activity is consistent with the broader weekly trend, characterized by modest net buying and low volume relative to average levels.