Dogecoin ETFs logged a record $2.89 million weekly inflow after Bitwise announced it will liquidate its own DOGE fund.
US spot Dogecoin (DOGE) exchange-traded funds (ETFs) took in $2.89 million in net new money during the week ending September 25. According to SoSoValue data, that marked their strongest week since they were launched.
Investors can gain exposure to an asset through an ETF, which trades like a stock in a standard brokerage account. The inflow record came 11 days after Bitwise revealed plans to close its own Dogecoin fund.
The old weekly peak was around $2.59 million, recorded in the week ending January 2, according to SoSoValue data. The prior week had attracted just $284,510.
All the new capital arrived across three trading sessions last week: Monday, Tuesday and Friday.
BeInCrypto reported on September 10 that Bitwise intends to wind up its Dogecoin ETF, BWOW. The fund's last trading day is October 14, barely three weeks from now. BWOW has net outflows of $1.23 million over its lifetime and holds $801,400.
“Bitwise has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs,” the issuer stated.
After that announcement, cumulative inflows into Grayscale’s GDOG climbed from $11.7 million to $15.46 million. In contrast, 21Shares’ TDOG dropped from $1.63 million to $1.03 million.
GDOG accounted for all of Friday’s $806,060. It now holds $13.87 million, roughly 81% of the total assets in the group.
SoSoValue data shows the funds represent 0.11% of Dogecoin’s total market value. DOGE was trading around $0.098, giving it a market cap of approximately $15.3 billion, according to BeInCrypto Markets data.
Quiet trading days are the usual pattern. Between July 1 and September 18, the funds posted net flows on only nine trading days.
The Dogecoin record came in the same week that US spot Bitcoin ETFs attracted $2.39 billion. That sum is more than 800 times the Dogecoin figure.
After October 14, two US spot Dogecoin funds will stay in operation. Grayscale took in every dollar of Friday's inflow.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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