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DOGE The cryptocurrency industry is facing another major change: Dogecoin falls into uncertainty
As Dogecoin enters a period full of uncertainty, the cryptocurrency industry is witnessing another major development. Earlier, Bitwise announced that it would close its Dogecoin ETF (exchange-traded fund) next month. According to data shared on the X platform today, Bitwise informed customers that it will stop operating the Dogecoin ETF, which has been trading for 10 months.
This market development helps explain why Dogecoin is currently struggling, as such negative news often adds to market skepticism about asset prospects.
Why Bitwise turned to abandon the DOGE ETF
Today, Bitwise revealed that it will liquidate transactions in its Dogecoin fund BWOW, which has been in operation since its inception on November 26, 2025. On that day, after receiving approval from the U.S. Securities and Exchange Commission (SEC), Bitwise launched an ETF, and DOGE prices soared. The launch marks an important milestone for the asset and helps integrate the memein into the traditional financial system. The release sparked enthusiasm in capital markets as it boosted confidence in Dogecoin's potential as a financial asset.
However, the asset faced bad news today. Bitwise announced that it will dissolve its spot Dogecoin ETF and notified investors that the fund's last trading day is October 14 next month. The company said the fund will stop trading on the same day and investors will withdraw their funds after liquidation.
Bitwise's decision to disband the Dogecoin ETF's operations was driven by factors beyond its control. The company attributed the move to sluggish investor demand for the product and its poor performance compared with competitors (Hyperliquid, Zcash and Chainlink ETFs).
On-chain data shows that since entering the U.S. stock market, the total trading volume of DOGE ETF is only US$300 million. In comparison, Hyperliquid funds generated $2.1 billion in revenue, which is better than Doge-related products. Chainlink Investment Fund earned $680 million, and Zcash Fund attracted $1.5 billion in inflows, highlighting its higher activity. Despite a lot of hype during the market launch, data revealed that Dogecoin funds continue to lag behind.
Therefore, Bitwise abandoned the product due to low customer demand. Despite this, other Dogecoin ETFs remain listed, including 21Shares 'TDOG and Grayscale's GDOG, to meet investor needs in the market.
Further explains DOGE's struggling situation
The token recently experienced a correction and traded at US$0.08493 today. A drop to this level suggests assets are under pressure and are retreating from their highs set two weeks ago. The asset is experiencing selling pressure as investors respond to sensitive market dynamics, outflows from ETF funds, interest rate hikes and increased volatility in global markets.
The recent decline stems from the interaction of multiple market factors. This includes a decline in demand for spot Dogecoin ETFs, as net outflows significantly exceeded net inflows. Specifically, the broader crypto market is currently in decline as global investors respond to the prospect of tighter monetary policy in the future. Chain indicators show that the probability that the Federal Reserve will initiate a 25-basis point interest rate increase in September this year is 70%. Another factor is increased selling activity, with holders taking advantage of recent rapid price increases to cash in.
