$28.9 million—setting a record.
As of the week ending September 25, US spot Dogecoin ETF net inflows totaled $2.89 million. This is the highest single-week figure since the funds were listed, surpassing the prior record of about $2.59 million from early January. Cumulative net inflows rose to $15.27 million as well, also a historic high.
But when you lay the numbers out, the record doesn’t hold up. First, almost all of the new money went into Grayscale’s GDOG: cumulative inflows climbed from $11.7 million to $15.46 million. In a single week, one day—Friday—absorbed the entire $0.806 million, accounting for roughly 81% of that category’s total assets. Second, the money was concentrated over three trading days (Monday, Tuesday, and Friday), not driven by continuous buying. Between July 1 and September 18 (nearly three months), these funds saw net inflows on only 9 trading days. Third, in the same week, US spot Bitcoin ETFs recorded net inflows of $2.39 billion—more than 800 times that of Dogecoin.
The backdrop is that on September 10, Bitwise announced it would liquidate its Dogecoin ETF (BWOW). Its last trading day was October 14, and since inception the fund had cumulative net outflows of $1.23 million. After that, only two spot Dogecoin funds remained in the US market.
I tend to think this record is more like a reshuffling of positions after a product-line contraction, rather than new institutional demand entering the market. There are two reasons: funding is highly concentrated in a single issuer’s single product, and that kind of concentration usually shows up when investors passively absorb offerings—not when they actively allocate. Also, around DOGE was about $0.098; these funds together account for just 0.11% of DOGE’s total market cap, so their marginal pricing power is basically negligible. And above $0.098 there are roughly 28 billion DOGE in tradable supply.
So the real question is: after Bitwise exits, can GDOG’s inflows be sustained? If you’re allocating to DOGE, do you value the ETF route more, or do you prefer holding the spot asset directly? Share your reasoning.
$DOGE
#DogecoinETFSetRecordForBiggestWeeklyInflowsSinceLaunch
As of the week ending September 25, US spot Dogecoin ETF net inflows totaled $2.89 million. This is the highest single-week figure since the funds were listed, surpassing the prior record of about $2.59 million from early January. Cumulative net inflows rose to $15.27 million as well, also a historic high.
But when you lay the numbers out, the record doesn’t hold up. First, almost all of the new money went into Grayscale’s GDOG: cumulative inflows climbed from $11.7 million to $15.46 million. In a single week, one day—Friday—absorbed the entire $0.806 million, accounting for roughly 81% of that category’s total assets. Second, the money was concentrated over three trading days (Monday, Tuesday, and Friday), not driven by continuous buying. Between July 1 and September 18 (nearly three months), these funds saw net inflows on only 9 trading days. Third, in the same week, US spot Bitcoin ETFs recorded net inflows of $2.39 billion—more than 800 times that of Dogecoin.
The backdrop is that on September 10, Bitwise announced it would liquidate its Dogecoin ETF (BWOW). Its last trading day was October 14, and since inception the fund had cumulative net outflows of $1.23 million. After that, only two spot Dogecoin funds remained in the US market.
I tend to think this record is more like a reshuffling of positions after a product-line contraction, rather than new institutional demand entering the market. There are two reasons: funding is highly concentrated in a single issuer’s single product, and that kind of concentration usually shows up when investors passively absorb offerings—not when they actively allocate. Also, around DOGE was about $0.098; these funds together account for just 0.11% of DOGE’s total market cap, so their marginal pricing power is basically negligible. And above $0.098 there are roughly 28 billion DOGE in tradable supply.
So the real question is: after Bitwise exits, can GDOG’s inflows be sustained? If you’re allocating to DOGE, do you value the ETF route more, or do you prefer holding the spot asset directly? Share your reasoning.
$DOGE
#DogecoinETFSetRecordForBiggestWeeklyInflowsSinceLaunch