Bitwise Abandons Dogecoin ETF Amid Low Liquidity

Bitwise has announced plans to liquidate its Spot Dogecoin ETF (BWOW), citing low liquidity as the primary reason. The fund, which launched in November 2025, struggled to attract significant capital, with cumulative net inflows falling to -$1.23 million. Despite this, Bitwise claims the decision is an effort to optimize its product lineup for changing investor needs.

The closure of BWOW comes as part of a broader trend affecting Spot ETFs for smaller altcoins. Dogecoin's own Spot ETFs have attracted only $12 million in cumulative net inflows since entering the market, with January 2026 being their strongest month at $4 million. This lackluster performance has led to concerns about institutional investor enthusiasm for Spot Dogecoin ETFs.

CleanCore and Bit Origin, two major public corporate holders of Dogecoin, have also ceased purchasing DOGE treasuries. CleanCore made its last acquisition in October 2025, while Bit Origin's losses exceeded $10 million during the past year. This diminished demand has put DOGE under intense bearish pressure.