Dogecoin ETFs lose their bite as Bitcoin, Ethereum big dogs lead the pack

US spot Dogecoin exchange-traded funds (ETFs) are showing aboriginal signs of cooling demand, arsenic full worth traded (TVT) has fallen to its lowest level since launch. 

SoSoValue information showed that connected Monday, Dogecoin ETFs’ TVT fell to conscionable $142,000, the lowest since launch. This marked a crisp retreat from precocious November, erstwhile the funds saw days wherever worth traded topped $3.23 million.

Total worth traded refers to the full dollar magnitude of ETF shares bought and sold implicit a fixed period. It serves arsenic a gauge of marketplace enactment and applicable liquidity, indicating the magnitude of wealth that has moved done the funds.

Daily spot ETF nett inflows and full nett assets. Source: SoSoValue

The opposition is stark erstwhile compared to Dogecoin (DOGE) enactment successful the broader crypto market. CoinGecko information showed that successful the past 24 hours, DOGE recorded implicit $1.1 cardinal successful spot trading measurement and had a marketplace capitalization of $22.6 billion. 

This shows that the underlying plus remains highly liquid, but not done its ETF wrappers. This discrepancy suggests that traders are accessing DOGE straight done exchanges alternatively than accepted marketplace vehicles.

Grayscale’s Dogecoin ETF made its debut successful November but fell good abbreviated of archetypal measurement expectations. ETF expert Eric Balchunas predicted astatine the clip that the ETFs would get astatine slightest $12 cardinal successful volume. However, the ETF lone saw $1.4 cardinal connected its archetypal day.  

Related: BlackRock files with SEC for listing of staked Ether ETF

Bitcoin and Ether predominate ETF trading arsenic alt-ETFs way behind

On Dec. 8, ETF trading enactment remained concentrated connected Bitcoin (BTC) and Ether (ETH)-based products. According to SoSoValue, Bitcoin ETFs posted $3.1 cardinal successful TVT, portion Ether ETFs recorded $1.3 billion. 

Solana (SOL) ETFs saw $22 cardinal successful worth traded, portion XRP products recorded $21 cardinal successful worth traded. Further down the curve, the recently-launched Chainlink ETFs recorded a $3.1 cardinal TVT connected the aforesaid day, portion Canary’s Litecoin (LTC) ETF had astir $526,000. 

The information suggested that ETF superior inactive overwhelmingly flows toward the 2 largest integer assets, continuing their pb arsenic the halfway liquidity centers of regulated crypto exchange-traded products. 

In presumption of inflows, XRP (XRP) remains strong. On Monday, XRP ETFs’ inflow streak remained unbroken since its launch. Meanwhile, Solana ETFs, which archetypal had their inflow streak breached successful November, are connected a three-day inflow streak aft seeing $32 cardinal successful outflows connected Wednesday. 

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