Crypto funds ended a six-week inflow streak as Iran-linked geopolitical risk weighed on bitcoin amid major U.S. withdrawals.
A Dogecoin ETF is the latest addition to 21shares’ growing crypto lineup, marking another step in the memecoin’s push into traditional finance.
Dogecoin’s attempt to join the institutional ETF lineup is running into a basic problem: institutions may not want it. In a Jan. 22 conversation on the Crypto Prime podcast, Bloomberg Intelligence ETF analyst James Seyffart and host Nate Geraci who is also the President of NovaDius Wealth Management said spot Dogecoin ETFs have attracted “near zero” demand so far, an outcome they tied to who typically buys DOGE, and how financial advisers think about reputational risk inside client portfolios. The Dogecoin datapoint landed inside a broader discussion about a crowded crypto ETF pipeline. Seyffart said his running tally of crypto ETF filings has climbed “over 150 unquestionably,” with many products spanning spot and derivatives, income overlays, buffers, and multi-asset structures. The surge, he argued, looks like issuers “throw[ing] the spaghetti at the wall” in 2026. Dogecoin ETF Reality Check But volume of filings doesn’t guarantee demand, and Dogecoin is the clearest example offered of that gap thus far. Pressed on which existing products stood out, Seyffart said “nothing really stands out,” before singling out Dogecoin as the exception, precisely because it has not resonated. Related Reading: Dogecoin Flirts With An Inverse Head And Shoulders: $0.15 Break Is The Trigger “The real honest answer is like nothing really stands out to me […] honestly if I have to pick one thing that kind of stands out, it’s probably that the Doge ETFs have gotten almost no interest whatsoever,” he said. He added that while some newer altcoin products have done “decently well,” Dogecoin has not. My conversation w/ @JSeyff on current state of crypto ETFs… We discuss: -Crypto ETF sentiment -150+ crypto-related ETF filings -Morgan Stanley crypto ETFs -BlackRock’s next move -Index & active crypto ETFs -Recent flows -What’s nexthttps://t.co/2TzJAnKXuK via @CryptoPrimePod pic.twitter.com/mtDuuDirB7 — Nate Geraci (@NateGeraci) January 22, 2026 Seyffart and Geraci converged on a demand thesis: the marginal buyer of DOGE likely already has the tooling and habit set to buy it directly, rather than through an ETF wrapper. “I remember talking to the guys at Bitwise. I was like, I don’t think anyone’s going to buy this,” Seyffart said. “But maybe I’m wrong. I’ve been wrong plenty of times before. But I mean, literally no one has bought like the Doge ETFs […] I had pretty low expectations, but I thought maybe they could get to a point where they’re slightly profitable.” Seyffart pointed to Bitwise’s product—ticker BWOW—as an early scoreboard: “it’s under a million in assets right now,” he said, calling that “near zero demand.” He cautioned the funds are still new, noting the Bitwise product launched at the end of November, but framed the initial traction as “very minuscule.” Geraci’s explanation was blunter: ”The people who buy that, in general, these are degens and they already know how to access this. They already have digital wallets. They don’t need an ETF to access this […]. And I think that’s going to be a lot of these other coins that are much further down the market cap spectrum.” Related Reading: Dogecoin Foundation-Backed ETF Launches On Nasdaq As Analysts Call For Massive DOGE Rally Geraci argued Dogecoin faces an additional headwind that doesn’t show up in crypto-native narratives but matters in the ETF market: advisers. “The other aspect here […] is what I call client statement risk,” Geraci said. “So financial advisors, they’re the biggest driver of ETF flows. And so let’s take Dogecoin as an example […] If you’re a financial adviser and you have a Dogecoin ETF show up on a client statement […] it’s like a flashing red light saying, ‘Please fire me and go find another adviser.’” That framing matters because the episode repeatedly returned to distribution realities. Seyffart said he’s most excited about basket and index-style crypto ETFs, in part because advisers don’t want to “pick those winners and losers” across a growing long tail of assets. In Geraci’s view, a basket is the “easy button” for professional allocators who want crypto exposure without underwriting each token’s story or defending it to clients. Seyffart also suggested “what the actual chain is doing” can shape adviser appetite, contrasting niche infrastructure plays such as Chainlink, which he described as connecting DeFi and TradFi, against meme assets like DOGE, which he implied may be less “appetizing” for ETF buyers. At press time, DOGE traded at $0.12479. Featured image created with DALL.E, chart from TradingView.com
21Shares has announced the launch of the first spot DOGE Exchange-Traded Fund (ETF) backed by the Dogecoin Foundation, aiming to offer investors regulated, physically backed access to the largest memecoin by market capitalization. Related Reading: Bitcoin To $80,000? Analyst Warns Of Potential Free Fall As BTC Erases 2026 Gains Dogecoin Goes From Memecoin To Wall Street On Wednesday, financial services company 21Shares announced the launch of its 21Shares Dogecoin ETF (TDOG) on Nasdaq to provide “a new way to gain physically-backed DOGE exposure in traditional portfolios.” According to the announcement, the firm’s DOGE ETF is the only investment product of its category to be officially endorsed by the Dogecoin Foundation, the nonprofit organization dedicated to supporting the ecosystem’s development. Notably, two other spot DOGE ETFs are live: Grayscale’s GDOG and Bitwise’s BWOW. As reported by NewsBTC, the funds debuted in late November, becoming the first DOGE ETFs in the US market. TDOG’s launch builds on 21Shares’ collaboration with the House of Doge, the corporate arm of the foundation supporting the ecosystem, to create new opportunities across the Dogecoin ecosystem. The newly launched product will offer investors direct exposure to DOGE through a fully backed, transparent, and exchange-traded vehicle, holding the asset on a 1:1 basis in institutional-grade custody. Regarding its decision to launch a DOGE ETF, 21Shares affirmed that the memecoin “captures the spirit of internet culture and continues to evolve in our digital economy.” Moreover, the firm argued that it has “helped onboard many new users to crypto, and for many people, this may serve as their first step into crypto.” Federico Brokate, 21Shares’s Global Head of Business Development, stated that “Dogecoin is a unique asset with a global community and expanding real-world use cases,” adding that “TDOG offers investors regulated, physically backed exposure to DOGE through an ETF structure they already understand and trust.” DOGE Prepares For New Rally Analyst Bitcoinsensus suggested that the leading memecoin “could be on for a massive rally to the upside” based on its performance throughout this cycle. The market watcher explained that the cryptocurrency has been experiencing “mini cycles” since 2023, which have led to “bigger and bigger rallies.” According to the chart, after its late 2022 pump, Dogecoin consolidated within a tight range before a 190% breakout in early 2024. Similarly, the memecoin repeated the same pattern throughout 2024, accumulating for months before a 480% breakout at the end of that year. Now, DOGE has been consolidating within the $0.125-$0.280 price range for nearly a year, leading the analyst to believe that a breakout towards a higher target near the $0.750 level is possible. Meanwhile, Trader Tardigrade also suggested that Dogecoin may be preparing for a massive breakout as it appears to be following its performance between late 2022 and 2024. Related Reading: BitMine’s Ethereum Holdings Near 3.5% Supply Milestone As ETH Falls Below $3,000 At the time, the cryptocurrency had apparently bottomed out but ultimately recorded another local low before reversing. Based on this, the analyst affirmed that the memecoin “might see a slightly lower low” in the coming weeks, before the next massive surge occurs. As of this writing, Dogecoin is trading at $0.1249, a 1.75% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bullish forecasts for ETF-led demand growth clash with warnings that many products may struggle to attract lasting assets.
U.S. spot crypto ETF flows, stablecoin supply, prediction markets, perp DEX activity, and the DAT craze were among the data trends of 2025.
Crypto index fund manager Bitwise is seeking to launch an exchange-traded fund tracking the SUI token.
The first exchange-traded fund tracking the value of Chainlink has begun trading on the New York Stock Exchange.
The first exchange-traded fund tracking Chainlink is set to begin trading on Tuesday on the New York Stock Exchange.
The launch of spot exchange-traded funds (ETFs) tracking Dogecoin in the United States was met with muted enthusiasm. Inflows into Grayscale and Bitwise’s ETFs were limited in their first week of trading, despite the hype around the first-ever Dogecoin ETFs. But even as ETF inflows sputter, some technical analysts argue that DOGE might still undergo a strong price rally, possibly all the way to $1, if important support levels hold. Related Reading: Bitcoin’s November Slump Could Trigger A 2026 Revival, Analysts Say Spot DOGE ETFs Off To A Slow Start When Grayscale rolled out its Spot DOGE fund (GDOG) on November 24, inflow volume clocked in at just about $1.8 million on the first day, far below the estimates some market participants had forecasted. For example, Eric Balchunas, senior ETF analyst at Bloomberg, predicted that the ETF will witness a $12 million volume on the first day of trading. According to data from SoSoValue, net inflows across the DOGE ETFs by Grayscale and Bitwise added up to just over $2.16 million over the course of the initial trading week. This shows that institutional and retail investors are somewhat cautious when it comes to investing in the meme cryptocurrency. This is in contrast to the strong opening inflows seen by other altcoin ETFs, such as those for Solana (SOL) and XRP which were launched in the past few weeks. Furthermore, the lackluster uptake has raised doubts about whether the ETFs will ignite the kind of renewed interest in DOGE that some backers hoped for. Technical Outlook Suggests Bullish Potential To $1 Even though ETF demand is currently tepid, multiple technical outlooks point to a potentially more optimistic outcome for Dogecoin. One technical outlook from crypto analyst Ali Martinez identifies key support at roughly $0.08, with resistance around $0.20. This support level harkens back to a time when DOGE dipped below $0.10, before launching into a multi-month rally to $0.50 after the US elections. Dogecoin Key Price Levels. Source: @ali_charts On X More bullishly, a multi-week technical breakdown done by crypto analyst XForceGlobal suggests that DOGE might be wrapping up a long-term corrective phase and positioning for a fifth wave, which is a powerful upward impulse according to the Elliott Wave Theory. That wave could push prices well beyond current levels, with intermediate targets potentially between $0.33 and $0.50, and a longer-term stretch to $1. Similarly, crypto analyst Trader Tardigrade believes Dogecoin has dropped back onto the same long-term support zone that previously led to major rallies, calling it the launch pad for the next big move. His weekly chart highlights how Dogecoin’s price action has repeatedly bounced from this ascending trendline, producing gains of more than 80%, 210%, and even over 440% since October 2023. Dogecoin Technical Analysis. Source: @TATrader_Alan On X The analyst says the pattern is intact once again, and if the support at $0.15 holds, Dogecoin could follow the same structure into a larger expansion phase. Based on his projection, that continuation would give Dogecoin enough momentum to make a gradual 610% climb to $1 by 2026. Related Reading: 320 Ether On The Move: Bhutan Ramps Up Its Staking Game At the time of writing, Dogecoin is trading at $0.15 and is close to either rebounding or breaking below the support. Featured image from Unsplash, chart from TradingView
Dogecoin’s highly anticipated ETF debut has taken an unexpected slow turn. What began as a strong opening for the new GDOG fund quickly faded as inflows collapsed in dramatic fashion. The launch was expected to give Dogecoin a meaningful boost by opening the door for fresh institutional participation. Instead, the opposite has happened, and the Dogecoin ETF has seen its inflows collapse by 80%. Spot Dogecoin ETF Just Suffered An 80% Crash In Inflows The launch of Grayscale Investments’ first-ever spot Dogecoin ETF under the ticker GDOG was hailed as a monumental moment, the first time Dogecoin would be accessible to everyday investors through a traditional brokerage. On November 24, 2025, the product went live on the NYSE Arca, converting Grayscale’s existing DOGE trust into a publicly traded ETF. Related Reading: Pundit Shares XRP Fact That Will ‘Blow Your Mind’ However, just 48 hours after launch, the excitement appears to have cooled down. Although the first day reportedly pulled in roughly $1.8 million in inflows, the second day saw only about $365,420, a collapse of about 80% in early momentum. This has pushed the cumulative net inflows to around $2.16 million, but this is a modest figure for what many expected would be a major catalyst for Dogecoin. Expectations for GDOG were high. Observers pointed to prior early inflow successes with crypto ETFs, notably those for Bitcoin, Ethereum, and more recently Solana, which collectively helped push capital inflows at a large scale. To put this into comparison, Spot Solana ETFs, which first went live on October 18, raked in $117.39 million in inflows in the first two days of trading. The recently launched Spot XRP ETFs also saw inflows of $243.05 million on their first day of trading. According to data from SoSoValue, Dogecoin ETF trading volume for the first day was just $1.41 million, far below many projections. The momentum faded even faster on day two, with volume falling by roughly 78% to $397,620. What It Means for DOGE And The Meme-Coin Space The soft start of GDOG raises questions about whether meme coins like DOGE can truly thrive under traditional financial frameworks. On one hand, the ETF listing is a milestone: a token born as a joke is now trading alongside traditional assets on major exchanges. On the other, the weak capital flows hint at limits to demand among institutional investors. Related Reading: Bitcoin Dead Cat Bounce: Analyst Reveals What To Expect As Price Recovers However, it is still too early to conclude. The long-term relevance of DOGE ETFs can only be judged once the market has had time to digest these new products. A successful DOGE ETF could open the door to other meme-coin funds (some suggest even an ETF for Shiba Inu may follow). In addition to Grayscale, other asset managers have Spot Dogecoin ETFs lined up and ready to hit the market. Bitwise launched its Dogecoin ETF on Wednesday following Grayscale’s debut, but early inflow numbers are yet to come in. The asset manager noted they weren’t expecting to launch this product but are only doing so because the DOGE community requested it. Featured image created with Dall.E, chart from Tradingview.com
Bitwise launched its Dogecoin ETF on Wednesday, debuting the product built around “a picture of a cute dog” on the New York Stock Exchange.
Grayscale is looking to expand its lineup of cryptocurrency exchange-traded funds, this time with a product tracking Zcash.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The New York Stock Exchange has approved the listing for another Dogecoin exchange-traded fund, clearing the way for Bitwise's fund, BWOW.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Dogecoin's journey from a fun memecoin to gaining popularity from Elon Musk is cementing itself into the mainstream.
The NYSE Arca has approved the listings for Grayscale’s Dogecoin and XRP ETFs, clearing the way for both products to launch on Monday.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Although own and controlled by FalconX, 21shares will remain independently managed and run by CEO Russell Barlow.
Bitwise and Grayscale have disclosed fees for their proposed exchange-traded funds tracking the price of XRP.
There are 155 cryptocurrency-based ETP filings tracking 35 different digital assets, according to Bloomberg analysts.
A new filing for an ETF tracking HBAR has revealed key details that analysts say signal it's inching closer to receiving the SEC's sign-off.
REX Shares and Osprey Funds filed prospectuses for 21 ETFs, from ones tracking HBAR to BCH and others with staking components.
The government has officially been shut down just as dozens of different types of crypto ETFs were primed to get the SEC's sign-off.
The Asian holiday season and U.S. government shutdown may sap liquidity and delay key economic data in early October, according to K33.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Balchunas' comments follow a slew of recent 19b-4 withdrawals for Solana, XRP, Cardano, Litecoin, Dogecoin, Polkadot, and Hedera ETFs.
21Shares’ proposed spot Dogecoin ETF has appeared on the Depository Trust & Clearing Corporation’s public “Exchange Traded Funds — Active and Pre-Launch” roster under the ticker TDOG, a procedural milestone that readies Wall Street’s plumbing for potential trading but does not itself confer regulatory approval. Spot Dogecoin ETF Clears DTCC Step DTCC’s page explicitly aggregates both active funds and pre-launch tickers eligible for clearing and settlement, a step that historically has preceded launches for spot Bitcoin and Ethereum ETFs, but with no guarantee on timing or outcome. While not a greenlight, the listing signals that broker-dealers can begin operational checks, including ticker set-ups and clearing eligibility. Related Reading: Grayscale Files For New Dogecoin ETF Amid Approval Expectations, Is The Next Price Surge Coming? The regulatory status remains unchanged: the US Securities and Exchange Commission is still reviewing 21Shares’ spot Dogecoin application. Nasdaq filed a 19b-4 in April to list the 21Shares Dogecoin ETF under its commodity-based trust rules, and the Trust’s S-1 describes a physically backed product that would hold DOGE and value shares against CF Benchmarks’ Dogecoin-Dollar pricing. In mid-August, the SEC formally instituted proceedings on the Nasdaq proposal, extending the review. Separately, the broader landscape shifted on September 18, when the SEC approved generic listing standards for spot commodity and digital-asset ETFs at US exchanges, shortening the potential filing-to-launch window but not altering asset-specific scrutiny. Context is also important: 21Shares is not alone in pursuing US spot DOGE exposure. Grayscale filed its own spot Dogecoin S-1 in mid-August, a day after the SEC delayed action on 21Shares’ bid. Meanwhile, outside the “pure” spot lane, Rex-Osprey’s DOJE ETF launched last week with hybrid exposure and above-expected first-day volume, underscoring investor appetite for meme-coin wrappers even as the Commission continues to weigh fully spot products. For traders, the question is whether TDOG’s DTCC footprint moves price now. History suggests the market often reacts to visible operational progress: BlackRock’s iShares Bitcoin ETF famously appeared on DTCC weeks before its January 2024 debut. Will The DOGE Price React? At press time, DOGE traded around $0.240, little changed on the day, reflecting the distinction between operational milestones and capital commitments. The clearest near-term price lever may not be TDOG itself but Bitcoin’s regime. As technical analyst Kevin (@Kev_Capital_TA) put it after the listing surfaced, “BTC we need you to get your shit together relatively soon. Thank you. #Dogecoin #DOGE.” Related Reading: Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45 In a longer note, he argued that “BTC is essentially trapped between 125K–106.8K,” with fading spot volumes and macro-data-driven swings, and that the “higher time frame goal is to break the weekly bear div and close weekly/monthly candles above the 125K area.” If that doesn’t happen, he cautioned, “practice caution,” because inflows into a DOGE spot ETF would likely be modest in a risk-off tape. Wrappers like ETFs tend to amplify existing trends rather than create them. DTCC appearance is a necessary back-office step; the catalysts that typically unlock sustained flows are a) an effective S-1 and a cleared exchange rule filing, b) a constructive macro/crypto risk backdrop, and c) distribution muscle. The first two remain unsettled. While the SEC’s September 18 move to adopt generic listing standards may compress timelines across altcoin proposals, 21Shares’ DOGE product still awaits the Commission’s specific determinations under both the S-1 and the exchange’s 19b-4. Notably, there is one more practical read-through from recent months. Spot altcoin ETF tickers have increasingly appeared on DTCC before decisions, from Solana to XRP and Hedera, and Bloomberg’s ETF desk has noted that most such entries eventually reach market—though not all, and not on a predictable calendar. That is the relevant precedent for TDOG today: the pipes are being fitted, the street is on notice, and the next decisive price catalyst likely resides not in the DTCC table, but in Bitcoin’s ability to resolve its range and re-ignite beta. Featured image created with DALL.E, chart from TradingView.com
Grayscale has filed an amended S-1 in its latest move to convert its closed-ended Dogecoin trust into an exchange-traded fund.