Bitwise Liquidates Dogecoin ETF BWOW Amid Low Demand
Dogecoin (DOGE)
Editor:
Eugene Serbin
jrkripto.com reports that Bitwise is closing its spot Dogecoin ETF, BWOW, after nearly ten months in the US market. The fund’s final trading day on the New York Stock Exchange is October 14, with shares ceasing availability after that session. Liquidation concludes on October 22, at which point shareholders receive cash payments based on the net asset value without needing to take action.
Bitwise stated it is optimizing its product lineup to match changing investor needs, though it did not explicitly cite low volume as the cause. BWOW generated roughly $3 million in daily volume during its launch week in November 2025 but failed to sustain that level. The total trading volume for US spot Dogecoin ETFs remains around $300 million, trailing other altcoin funds.
Hyperliquid ETFs recorded approximately $2.1 billion in volume, while Zcash funds reached $1.5 billion. Chainlink funds recorded around $680 million in trading volume. Dogecoin was trading at approximately $0.084 at the time of writing, with a market capitalization of around $13 billion. DOGE has dropped out of the top 10 cryptocurrencies by market capitalization as assets like Hyperliquid and Zcash rose.
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 data shows DOGE trading at $0.08291 with a 1-hour buy ratio of 51.8%, indicating short-term buying pressure is currently dominant. This contrasts with the 4-hour buy ratio of 48.3% and the 24-hour ratio of 47.3%, suggesting that the recent buying surge is fading over longer timeframes. The 1-hour volume delta is positive at +$373,654, while the 4-hour delta is negative at -$152,115 and the 24-hour delta is -$3,561,353. This indicates that while immediate traders are net buyers, the broader 24-hour trend is characterized by net selling. The Cumulative Volume Delta (CVD) for the 24-hour close is -$3,234,597, confirming that sellers have dominated the day's flow. Spot volume for the period stands at $67,499,946 across 615,799 trades.
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.
Comparing today's activity to the preceding week reveals a shift in momentum, with the 7-day average buy ratio at 50.2% against today's 24-hour ratio of 47.3%. This represents a -2.9 point drop from the weekly average, indicating a relative decrease in buying interest compared to the recent trend. Volume is also subdued, trading at 0.77x the weekly average, which signals an unusual day of lower-than-average participation. Over the past eight days, the price has changed by -5.6%, with a total volume delta of +$1,341,597. This weekly context shows that despite the recent 1-hour buying spike, the broader trend remains slightly bearish with lower volume than usual.