The Dogecoin ETF in the US is beginning to show signs of fatigue as trading demand decreases sharply. The total trading value (TVT) of DOGE ETFs has fallen to its lowest level since its launch, indicating that the initial frenzy has gradually cooled as both capital inflow and liquidity lag behind larger ETFs like Bitcoin and Ethereum.
According to data from SoSoValue, the trading value (TVT) of the Dogecoin ETF on Monday was only about 142,000 USD, a record low since its listing. This is a significant drop compared to the peak at the end of November, when trading volume once reached 3.23 million USD.
It is noteworthy that Dogecoin in the spot market is still performing very strongly. In the last 24 hours, DOGE recorded over 1.1 billion USD in trading volume and a market capitalization of up to 22.6 billion USD according to CoinGecko. The liquidity of DOGE remains high, but it is not flowing through the ETF — instead, traders are prioritizing direct access through crypto exchanges.
Grayscale's Dogecoin ETF, launched in November, also did not meet initial expectations. Analyst Eric Balchunas predicted that the minimum volume must reach 12 million USD on the first day. But in reality, the ETF only reached 1.4 million USD — far below expectations.
Meanwhile, the overall market ETF capital flow is still almost exclusively focused on Bitcoin and Ethereum. On December 8th, Bitcoin ETFs recorded 3.1 billion USD in total value traded, while Ethereum ETFs reached 1.3 billion USD. The ETF products of Solana, XRP, Chainlink, or Litecoin, although still trading, are far behind in scale.
XRP ETF is one of the rare bright spots, as the inflow of capital has remained steady since its launch. The Solana ETF, after a period of heavy capital withdrawal in November, has also started to see a string of days with money flowing back.
The overall picture shows that the crypto ETF market still revolves around two main axes: Bitcoin and Ethereum. The remaining ETFs, including Dogecoin, are struggling to maintain their appeal in the context of increasingly concentrated capital flows. At the end of this article, I just want to say one thing: the market is not lacking in opportunities, but capital always knows how to choose where there is the highest liquidity and trust.
