Bitwise Closes Dogecoin ETF Amid Persistent Low Liquidity

Bitwise has decided to liquidate its Spot Dogecoin ETF (BWOW) after it failed to gain traction in the market. The fund was launched in November 2025 but attracted only $12 million in cumulative net inflows since its inception, with a peak of $4 million in January 2026.

The closure comes as part of Bitwise's efforts to optimize its product lineup for changing investor needs, citing the ETF's persistent low liquidity. This is not an isolated case, as other Spot Dogecoin ETFs have also struggled to attract investors, with a total of $12 million in cumulative net inflows since entering the market.

Dogecoin treasury companies, such as CleanCore and Bit Origin, have also seen limited activity, with CleanCore making no purchases in 2026. This lack of institutional demand is putting pressure on DOGE's price, which has been trading below $0.08.