Bitwise Closes Dogecoin ETF Amid Weak Demand

Bitwise Investment Advisers has decided to close its Dogecoin ETF (NYSE: BWOW) by October 14, citing a need to optimize its product range for evolving investor needs. The fund's assets under management have remained low at around $721,815 as of September 8, with a cumulative net asset value return of -45.37% since inception. Trading activity has also been weak, reaching only about $3 million in daily volume during the launch week but never matching that level again.

The closure comes after trading began on November 26, just two months ago. Bitwise's Hyperliquid ETF (BHYP), on the other hand, has attracted a much higher level of interest, with over $5 million worth of HYPE being bought by Bitwise-linked ETF wallets in one week and not sold since July.

The decision to close BWOW suggests that gaining regulatory approval and access to brokerage firms does not guarantee sustainable demand for a crypto fund focused on a single token. It also highlights the importance of sustained investor interest, with assets such as Hyperliquid and Zcash products showing stronger performance compared to Dogecoin ETFs.