Grayscale Dogecoin ETF Gets Weak Start – Bitwise Follows with Own Product

The first U.S. spot ETF on Dogecoin has had a disappointing trading debut. The Grayscale Dogecoin Trust ETF (GDOG) recorded only around $1.4 million in volume on its first trading day, according to Bloomberg data from November 25 ^[1].

Parallel to the launch of GDOG, Bitwise announced the start of its own Dogecoin ETF (BWOW) for the following day. The new products have entered the market after the U.S. Securities and Exchange Commission (SEC) relaxed approval criteria for crypto ETFs in September.

The weak performance of the Grayscale product stands in contrast to other recently launched crypto ETFs. Multiple XRP ETFs recorded combined net inflows of $164.04 million on November 24, according to SoSoValue ^[1].

Industry observers view the varying trading volumes as evidence that the distance to more established cryptocurrencies like Bitcoin is increasingly influencing the liquidity and demand for respective ETF products. With the Bitwise launch, it remains to be seen whether another provider can generate greater institutional interest in Dogecoin investments.