During the week ending September 25, US spot Dogecoin (DOGE) exchange-traded funds (ETFs) attracted $2.89 million in net inflows, marking their highest weekly total since their inception, according to figures from SoSoValue.
An ETF allows investors to gain exposure to an asset via a standard brokerage account, similar to purchasing a share of stock. This milestone arrived 11 days after Bitwise announced plans to close its Dogecoin fund.
Dogecoin ETF Inflows Beat the January Record
SoSoValue data indicates that the prior weekly peak stood at approximately $2.59 million, achieved during the week ending January 2. In contrast, the week preceding this record saw only $284,510 in inflows.
All of the newly invested capital entered the market across three sessions last week: Monday, Tuesday, and Friday.
Grayscale Takes Nearly All the Money as Bitwise Exits
As reported by BeInCrypto on September 10, Bitwise plans to liquidate its Dogecoin ETF, BWOW. Its final day of trading is scheduled for October 14, which is roughly three weeks away. The fund has accumulated lifetime net outflows of $1.23 million and currently maintains $801,400 in holdings.
“Bitwise has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs,” the issuer stated.
Following that announcement, cumulative inflows for Grayscale’s GDOG climbed from $11.7 million to $15.46 million. Conversely, 21Shares’ TDOG dropped from $1.63 million to $1.03 million.
GDOG captured the entirety of Friday’s $806,060 inflow. It now holds $13.87 million, representing roughly 81% of the group’s total assets.
How Big is Dogecoin ETF Demand?
SoSoValue figures show that these funds hold 0.11% of the aggregate market value of Dogecoin. BeInCrypto Markets data indicated that DOGE traded close to $0.098, backed by a market capitalization of approximately $15.3 billion.
Inactivity is typical for these products. Between July 1 and September 18, the funds recorded net flows on merely nine trading days.
Furthermore, the Dogecoin record coincided with a week in which US spot Bitcoin ETFs secured $2.39 billion—a sum exceeding the Dogecoin figure by more than 800 times.
When October 14 passes, only two US spot Dogecoin funds will remain in operation, with Grayscale responsible for every dollar of Friday’s inflow.