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.

Why have Dogecoin treasuries stopped buying?

A similar pattern emerged among Dogecoin [DOGE] treasury companies.

CleanCore, the largest public corporate DOGE holder, made no purchases in 2026. The company last acquired DOGE in October 2025. Bit Origin also made no additions during the past year. Meanwhile, its losses exceeded $10 million.

With ETFs and treasuries inactive, institutional Dogecoin demand remained weak across both channels.

Can DOGE hold above $0.08?

Following Bitwise’s closure announcement, DOGE’s decline continued.

DOGE fell to $0.082 before rebounding slightly to $0.083. The muted reaction suggested traders viewed the closure as a limited market shock.

For now, however, DOGE remained under intense bearish pressure. The Relative Vigor Index reinforced this outlook. The RVGI formed a bearish crossover and fell to 0.05. This move suggested downside momentum was strengthening.

Such conditions often favor continuation of the prevailing trend.

If selling persisted, DOGE could retest $0.081 and place the $0.08 support level at risk.

Final Summary

• Bitwise will liquidate its Spot Dogecoin ETF after prolonged low liquidity. BWOW recorded -$1.23 million in Cumulative Net Inflows.
• Spot Dogecoin ETFs attracted only $12 million since entering the market.