U.S. spot Dogecoin (DOGE) exchange-traded funds pulled in a record $2.89 million in net inflows for the week ending September 25, led by massive capital concentration into Grayscale's Dogecoin Trust (GDOG). The record came 11 days after rival issuer Bitwise announced plans to liquidate its competing BWOW fund.
Grayscale Dominates Flows as Bitwise Prepares Exit
According to data from SoSoValue, last week's $2.89 million figure eclipsed the prior weekly high of $2.59 million set during the week ending January 2. The entirety of the new capital arrived across three trading sessions—Monday, Tuesday, and Friday—rebounding sharply from the previous week's modest $284,510 inflow.
The record volume followed an announcement that Bitwise will shut down its BWOW Dogecoin ETF, with its final trading day scheduled for October 14. Bitwise stated that it "has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs." BWOW currently holds $801,400 in assets after recording lifetime net outflows of $1.23 million.
Capital has shifted heavily toward Grayscale's GDOG since the announcement. GDOG saw its cumulative inflows jump from $11.7 million to $15.46 million, capturing all of Friday's $806,060 inflow. GDOG now holds $13.87 million, representing about 81% of all U.S. Dogecoin ETF assets. Conversely, 21Shares' TDOG experienced a decline in cumulative inflows from $1.63 million to $1.03 million.
Key Takeaways
- Record Inflows: Spot Dogecoin ETFs attracted $2.89 million for the week ending September 25, topping the prior $2.59 million record.
- Market Concentration: Grayscale's GDOG holds $13.87 million in assets, controlling 81% of total Dogecoin ETF assets.
- Bitwise Liquidation: Bitwise's BWOW will close on October 14 following $1.23 million in lifetime net outflows.
- Minimal Market Share: Dogecoin ETFs hold 0.11% of DOGE's $15.3 billion market cap as DOGE trades near $0.098.
Why It Matters
Despite setting a record, Dogecoin ETF demand remains niche relative to major crypto assets. For context, US spot Bitcoin ETFs record $2.39B weekly inflows over the same period—more than 800 times the Dogecoin total. Furthermore, Dogecoin funds posted net flows on just nine trading days between July 1 and September 18, demonstrating sporadic institutional interest. However, with Bitwise exiting, the consolidation into Grayscale leaves just two U.S. Dogecoin spot funds operating, streamlining liquidity for traditional investors seeking exposure.
