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DOGE 
HYPE 
SOL 
ZEC 狗狗币ETF遭遇非典型结局：Bitwise旗下BWOW基金即将退市
狗狗币现货ETF（Dogecoin ETF）迎来了一个非同寻常的终局。Bitwise宣布，其位于纽约证券交易所（NYSE）交易的现货基金BWOW将于10月14日停止交易。Bitwise首席执行官Hunter Horsley将这一结果形容为“悲剧”。本文将对基金的数据、Horsley的实际言论以及该事件所揭示的市场信号进行深入梳理。
核心要点摘要
- 资产与交易量数据：截至10月7日，BWOW持有的资产约为725,870美元，9月份的交易量为51,480美元，预计最后交易日为10月14日。
- CEO观点：Horsley认为，此次失败反映了传统ETF买家与加密货币经纪应用用户之间的断层，但他表示这种状况可能会随时间推移而改变。
- 行业对比：目前所有现货狗狗币基金的总交易量约为3亿美元，远低于Hyperliquid相关基金的21亿美元及Zcash相关基金的15亿美元。
为何Bitwise CEO称狗狗币ETF为“失败”？
Hunter Horsley在接受采访时指出，BWOW的停摆揭示了两类人群之间的差异：一类是购买ETF的传统投资者，另一类是使用加密货币经纪应用的用户。在他看来，ETF用户并未将资金投入狗狗币，但这一趋势未来可能发生变化。
In addition, Horsley emphasized that he holds Dogecoin and respects the concept it represents. He denied claims that Bitwise chose the wrong target audience and described crypto ETFs as a channel to connect traditional finance and the crypto world.
How is the Bitzie Dogcoin ETF performing?
Data shows that BWOW's total assets on October 7 were approximately US$725,870, and monthly trading volume in September was only US$51,480. In contrast, the fund performed strongly in its first week of listing, with an average daily trading volume of nearly $3 million, and has not approached that level since then.
Looking at all spot dogcoin funds, the net inflow in August was approximately US$318,000, reversing the small outflow in July. The total trading volume of these funds is approximately US$300 million. For comparison, Hyperliquid-related funds recorded US$2.1 billion in trading volume, while Zcash-related funds recorded US$1.5 billion.
When will Bitwise Dogecoin ETF stop trading?
Bitwise announced its liquidation plan on September 10, about 10 months after the fund was launched in November 2025. Shareholders can trade in the secondary market until the close of trading on October 14.
For residual holders, a cash distribution equivalent to the net asset value of October 21 will be received on October 22, and no additional action will be required. Bitwise said the move aims to optimize its product portfolio to respond to changing investor needs. It should be noted that the "last trading day" and the "cash release day" are two separate dates, which are key details in the clearing process.
狗狗币用户是否拒绝ETF？数据能证明吗？
目前尚无定论。Horsley的观点主要针对两类受众群体，而非所有狗狗币持有者。现有资料中并未包含显示DOGE用户普遍拒绝ETF的调查或持有者数据。单一基金需求低迷仅是结果之一，且Horsley本人也留有余地，承认情况可能变化。因此，本文将此主张视为高管的个人观点，而非已确认的市场趋势。
对狗狗币批评意味着什么？
关于价格数据，需注意9月10日时狗狗币价格约为0.084美元，市值近130亿美元。该数据早于Horsley的采访，因此不代表当前价格。同一报告指出，随着HYPE和ZEC等资产的崛起，狗狗币在过去一年中跌出了前十大加密货币行列。
Horsley还将BWOW与Bitwise的Solana质押ETF进行了对比，后者持有13亿美元的净资产。他认为后者是对Solana生态的一种押注。这一对比表明，市场对不同加密资产ETF的需求存在显著差异。
结论
BWOW的关闭标志着对狗狗币ETF需求的一次测试结束，但这并未终结更广泛的市场辩论。狗狗币ETF的采用前景依然充满不确定性：经纪应用用户是否会转向ETF市场？其他狗狗币基金的表现是否会更好？这些问题仍有待观察。
