Bitwise Closes Dogecoin ETF Amid Low Liquidity Concerns
Bitwise has announced that it will be liquidating its Dogecoin (DOGE) Spot Exchange-Traded Fund (ETF), known as BWOW. The fund struggled with low liquidity and failed to attract significant capital since its launch in November 2025. Despite a brief uptick in January, net inflows for the entire year only reached $12 million, making it one of the smaller funds in the market.
The closure is attributed to Bitwise's efforts to optimize its product lineup in response to changing investor needs. However, this move does not appear to have come as a surprise, given the fund's persistent low liquidity and net outflows.
Other Dogecoin treasury companies, such as CleanCore and Bit Origin, have also seen reduced activity in 2026, with no new purchases made by these companies during this period. This lack of institutional demand has further contributed to DOGE's decline.
The Relative Vigor Index (RVGI) has formed a bearish crossover, indicating that downside momentum is strengthening for DOGE. If selling pressure continues, DOGE may retest $0.081 and put the $0.08 support level at risk.