Dogecoin Price Hit by Bitwise ETF Liquidation

Dogecoin's price ticked higher on Friday after two consecutive days of losses, but institutional demand declined due to Bitwise's decision to liquidate its Dogecoin Exchange-Traded Fund (ETF) on Thursday. The fund will cease operations on October 14 and convert DOGE to cash.

The last trading day for the BWOW ETF is expected to be October 22, after which investors will receive their cash. Bitwise holds around $687,730 in net asset value in the BWOW ETF, which could fuel selling pressure when it liquidates on October 14.

Dogecoin's technical outlook is bearish, with the price trading below its 50- and 100-period Exponential Moving Averages (EMAs) at $0.0870 and $0.0857 respectively. The meme coin tests its 200-period EMA on the four-hour chart around $0.0827, which serves as the immediate support floor.