The crypto industry is witnessing another major development as Dogecoin enters a period of uncertainty. This follows Bitwise’s announcement that it will shut down its Dogecoin ETF next month.
According to data shared today on the X platform, Bitwise told customers it will cease operating its Dogecoin ETF, which has been trading for the last 10 months.
This market development helps explain why Dogecoin is struggling, as such negative news typically adds skepticism to an asset’s outlook.
Why Bitwise is pivoting away from the DOGE ETF
Today, Bitwise revealed it will wind down trading in its Dogecoin fund, BWOW, which has operated since November 26, 2025. On that day, DOGE spiked hard following Bitwise’s move to roll out the ETF after getting a green light from the SEC. The debut marked a major milestone for the asset, helping integrate the meme coin into traditional finance. The launch ignited enthusiasm in the capital market, as it spurred greater confidence in Dogecoin’s potential as a financial asset.
However, the asset faced bad news today. Bitwise announced it will dissolve its spot Dogecoin ETF and informed investors that the fund’s final trading session is next month, October 14. The fund will stop trading on that day, and investors will receive their money after liquidation, the company stated.
 
Bitwise’s decision to dissolve Dogecoin ETF’s operation is driven by factors beyond its control. The company attributed the move to low investor demand for the product, which has performed poorly compared to rivals (Hyperliquid, Zcash, and Chainlink ETFs).
Onchain data shows that DOGE ETFs brought in only $300 million in total trading volume since entering the US stock market. By comparison, Hyperliquid funds generated $2.1 billion, outperforming Doge products. While Chainlink investment funds earned $680 million, Zcash funds pulled in $1.5 billion, highlighting their superior activity. Dogecoin funds have continued to underperform despite massive publicity surrounding their market debut, data revealed.
As a result, Bitwise abandoned the offering because of low customer demand. Despite the move, other Dogecoin ETFs, including 21Shares’ TDOG and Grayscale’s GDOG, are still listed, serving investor needs in the market.
DOGE struggling further explained
The token has pulled back, trading today at $0.08493. The drop to this level shows the asset is under pressure, a retreat from impressive highs seen two weeks ago. The asset is now experiencing selling pressure as investors react to sensitive market developments, ETF outflows, interest rate hike concerns, and increased global market volatility.
The recent drop stems from an interplay of several market factors. This includes decreased demand from spot Dogecoin ETFs, as net outflows significantly outweigh inflows. Specifically, the wider crypto market is currently down as global investors respond to the prospects of tighter monetary policy ahead. On-chain metrics show a 70% chance the Fed will initiate a 25bps interest-rate hike this September. Another factor is increased selling activity as token holders capitalize on recent rapid price surges to cash out profits.
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