Bitwise Liquidates Dogecoin ETF Amid Low Demand and Bearish Market Conditions
Bitwise has announced plans to liquidate its Dogecoin (DOGE) ETF, BWOW, due to low liquidity and limited investor interest. The fund launched in November 2025 but struggled to attract significant capital, with cumulative net inflows falling to -$1.23 million.
Despite Bitwise's efforts, the Spot DOGE ETFs have failed to gain traction, attracting only $12 million in cumulative net inflows since entering the market. January was their strongest month, recording $4 million in net inflows, but the funds remained in net outflows during September.
The low demand for DOGE treasuries is also evident, with CleanCore, the largest public corporate DOGE holder, making no purchases in 2026 after acquiring some DOGE in October 2025. Bit Origin's losses exceeded $10 million during this period.
Following the closure announcement, DOGE fell to $0.082 before rebounding slightly to $0.083. However, the Relative Vigor Index formed a bearish crossover and fell to 0.05, indicating strengthening downside momentum.