U.S. spot Dogecoin ETFs attracted a record $2.89 million in net inflows in the week ended Sept. 25, with nearly all the money going to Grayscale’s GDOG as Bitwise prepares to wind down its BWOW fund. The inflow remains small relative to Dogecoin’s market value, and whether ETF demand can have a lasting effect on the spot price will depend on the scale and consistency of future flows.
Weekly inflows top the January record
SoSoValue data show that the previous high for weekly inflows into spot Dogecoin ETFs was about $2.59 million in the week ended Jan. 2. The latest total was well above the $284,510 recorded the week before.
The $2.89 million was not part of a steady run of inflows: it came on just three trading days—Monday, Tuesday and Friday. Friday alone brought in $806,060, all of it flowing to Grayscale’s GDOG.
Grayscale gains ground as Bitwise winds down BWOW
Bitwise has said it will liquidate its Dogecoin ETF BWOW, with trading scheduled to end on Oct. 14, less than three weeks after the announcement. The fund has seen cumulative net outflows of $1.23 million since its launch and had about $801,400 in assets. Bitwise said the closure was part of an ongoing effort to adjust its product lineup as investor demand changes.
After Bitwise announced its exit, cumulative net inflows to Grayscale’s GDOG rose from $11.7 million to $15.46 million. Over the same period, cumulative net inflows to 21Shares’ TDOG fell from $1.63 million to $1.03 million.
GDOG held about $13.87 million in assets, roughly 81% of the assets across existing Dogecoin ETFs. If BWOW stops trading on Oct. 14 as planned, two U.S. spot Dogecoin ETFs will remain. On Friday, GDOG received all new money invested in the category.
Dogecoin ETF assets equal 0.11% of DOGE’s market value
Despite the weekly record, the funds remain small relative to the spot market. SoSoValue data put their assets at about 0.11% of Dogecoin’s total market capitalization. DOGE was trading near $0.098 at the time, with a market value of about $15.3 billion.
Inflows have also been sporadic. From July 1 to Sept. 18, Dogecoin ETFs recorded net inflows on only nine trading days, indicating that demand had largely been intermittent.
By comparison, U.S. spot Bitcoin ETFs took in $2.39 billion in the same week—more than 800 times the Dogecoin ETF total. The gap suggests the latest Dogecoin inflow record reflected a small-scale reshuffling of money among products, rather than demand comparable to that for Bitcoin ETFs.
With BWOW nearing its final trading day, attention turns to how the remaining funds absorb investor flows and whether GDOG can maintain its lead. For now, Dogecoin ETFs remain a small share of the market, and the limited number of inflow days has yet to establish a sustained link between ETF flows and DOGE’s price.