Dogecoin: Bitwise liquidates BWOW ETF, but can DOGE defend THIS?

Spot ETFs for Bitcoin and major altcoins became powerful market products. However, several smaller funds failed to find sustained demand.

Dogecoin [DOGE] became one of the clearest examples. Its Spot ETF never gained meaningful traction and struggled with limited usage.

Why did Bitwise close its Dogecoin ETF?

Bitwise launched the first Spot Dogecoin ETF in November 2025. After its launch, the fund attracted little capital. Cumulative Net Inflows fell to -$1.23 million as outflows dominated activity.

After these struggles, Bitwise announced plans to liquidate BWOW, which held $687,000 in Net Assets. The fund will stop trading on the 14th of October. Cash distributions are expected around the 22nd of October.

Bitwise said the liquidation would optimize its product lineup for changing investor needs. However, BWOW’s persistent low liquidity appeared to drive the decision.

Are other Dogecoin ETFs attracting investors?

Bitwise was not alone. Spot Dogecoin ETFs attracted only $12 million in Cumulative Net Inflows since entering the market.

January was their strongest month, recording $4 million in Net Inflows. However, the funds remained in Net Outflows during September. These figures suggested institutional investors had shown limited enthusiasm for Spot Dogecoin ETFs.