Dogecoin fell to $0.0862, Bitwise ended the DOGE ETF on October 14: Why had there been little impact

Dogecoin Trading Trends and Bitwise ETF Clearing: Analysis of Key Dates and Market Impact

On Saturday morning, the trading price of Dogecoin was US$0.086183 (approximately 0.076928 euros), up 1.3% from the previous trading day. However, for DOGE holders, what is more important in the next two weeks is not the daily gains, but a date: on Wednesday, October 14, the Bitwise Dogecoin ETF will be traded for the final time on the New York Stock Exchange Apache Market (NYSE Arca) under the code BWOW. After that, the provider will convert its position into cash and pay the remaining shareholders on October 22. Less than 11 months after its launch in the United States, one of the first U.S. Dogecoin funds announced its closure again.

This article will answer three questions: What happens every day? Why, based on our calculations, will this liquidation cause almost no price fluctuations? If you invested in DOGE in Germany, what would the situation be different? Let's start with a short answer to the third question: the fund that is about to close has never been open to European investors, the European channel is operated through another product, and the tax treatment of the two is completely different.

What will happen to the Bitwise Dogecoin ETF (BWOW) on October 14?

Bitwise announced its liquidation plan on September 10. In its notice filed with the Securities and Exchange Commission as an annex to mandatory reporting, four key dates were listed. Reason to remain universal: Bitwise is liquidating the fund as the company continues to adapt its product range to changing investor needs. The reasons clearly do not mention price performance, trading turnover and fund size.

• September 10, 2026: announced liquidation.
• October 14, 2026: The last trading day of NYSE Arca; on the same day, dogcoins held will be converted into cash.
• October 15, 2026: No new shares will be created before the market opens.
• October 22, 2026: Payment to remaining shareholders, with a value based on the net asset value (NAV) as at October 21.

Net asset value (NAV) is the value of the fund's total assets divided by the number of shares issued. It is the calculated price per share and may differ from the exchange price as long as the fund is still trading. It is this difference that allows Bitwise to provide investors with two paths: if you sell on the exchange before the close of trading on October 14, you will get the market price; if you hold still, you will get the NAV of October 21 in cash on October 22. The notice clearly states that shareholders do not need to take any action. The original wording can be found in the notice filed with the SEC.

8.2 million DOGE units were converted into cash: only 0.14% of single-day trading volume

Fund liquidation sounds like selling pressure. But in the case of BWOW, it is worth doing arithmetic calculations before worrying. According to position data on the fund page, the tool holds approximately 8.2 million DOGE units. At today's price of $0.086183, this is equivalent to a value of approximately $707,000. By comparison, transaction volume in the past 24 hours reached US$503.06 million.

As a result, positions for sale only account for approximately 0.14% of trading volume in a single trading day. For comparison: The difference between today's intraday high and low is 2.96%. Even if executed in a single location and regardless of price, an order of this size will disappear into the market noise of an ordinary morning. In fact, clearers typically use multiple locations within a day to process such positions.

The back-office mechanism works as follows: physically backed cryptocurrency funds deposit coins in the hands of custodians. During liquidation, the provider instructs the custodian to sell the position on a specified date and place and place the proceeds in the escrow account. Subsequently, funds flow to shareholders through the custodian bank. Price pressure occurs only when the position is large relative to daily trading volume. This is a serious problem for a multibillion-dollar Bitcoin fund, but not for $707,000.

After October 14, BWOW will no longer appear on any price board. But the price board for the dog coin itself is still complete.

Today's price of dogcoin: US$0.0862, ranging from US$0.0841 to US$0.0866

Prices fluctuate within a narrow range today. The intraday low was $0.084082 and the high was $0.086574. DOGE is currently trading at US$0.086183, only about 0.05% below the intraday high and at the top edge of the day's range. The market value reached US$13.46 billion, and trading volume in the past 24 hours was US$503.06 million.

Looking at the one-week time frame, the trend is weak: a decline of 7.41% in seven days. Looking at a 30-day time frame, the increase was 0.31%, so the month was basically flat, but there was a sharp decline last week. By juxtaposing the charts of these two time periods, you can see the pattern that has shaped DOGE since late summer: weeks of sideways consolidation interspersed with brief but sharp downturns.

Since October 8: It has rebounded by 2.6%, but has not exceeded the 200-day moving average

We mentioned in our October 8 article that an unlimited amount of 13.55 million new DOGE units were issued every day at that time, and the price at that time was about US$0.087. Many changes have taken place since then. Prices fell to intraday levels of $0.0840 on October 9 and have since recovered 2.6%. On October 9, 94% of the clearing in the DOGE futures market was for long positions, so this decline was mainly a deleveraging buy position rather than an exit by spot holders.

What has not changed: the 200-day moving average still exists. Based on closing prices over the past 200 trading days, the line is at $0.0877. Prices were below that line two days ago and still remain so today, with a gap of 1.73%. Buying in the past 24 hours pushed prices near that moving average, but failed to break through. For regular readers, this means that the levels we mentioned on October 4th and 5th remain unbroken and have served as resistance twice this week.

Judging from the starting price of US$0.1530: the fund shrank to US$722,000 within 318 days

BWOW was launched on November 26, 2025, when the price of dogcoin was US$0.1530. Since then, prices have fallen 43.7%. This explains part of the decline, but only part of the reason: a fund that only follows price changes and the number of shares remains the same today should have only about 56% of its original assets. According to reports, net assets on September 8 were approximately $722,000. For this number to hold, far more shares must be redeemed in the intervening months than new shares must be added.

This is the real discovery. Exchange traded funds (ETFs) grow and contract not through prices, but through subscriptions and redemptions. When a product has less than a million dollars left after 318 days, it means that it has failed to find enough needs to cover its operating costs. Custody banks, custodians, auditors and exchanges listing fees are payable regardless of size. After falling below a certain threshold, the provider needs to maintain daily operations of the product out of its own pocket.

For German private investors, the door to the U.S. fund is already closed

There is a point here that is often ignored in international reporting. An ETF approved in the United States is actually not open to private investors in Germany because it lacks key information documents (KIDs) required by EU law. As a result, German brokers often block such products from retail customers. Closing BWOW does not remove the product in your hand.

Europe's path is through ETP (Exchange-Traded Notes), a coin-backed note. Legally, ETP is not a fund, but bearer debt securities issued by the provider; there are no segregated fund assets there and the deposited cryptocurrency is used only as collateral. Deutsche Börse approved the trading of 21Shares Dogecoin ETP on April 10, 2026, with the ISIN code CH1431521033, the WKN code A4A5WJ, and the annual product cost is 2.50%. The product has physical support, as stated in Deutsche Börse's listing notice.

Size comparisons are the most interesting part: European ETP reported assets of approximately US$10.06 million on its provider page, compared with approximately US$720,000 recently for U.S. funds that were about to be liquidated. The size of products currently available in Europe is about 14 times the size of the U.S. products that are being shut down. Anyone who concludes from this that the demand for packaged dogcoins has disappeared everywhere is drawing the wrong conclusion. An annual fee of 2.50% is no trivial matter here: during the 30-day sideways period DOGE had just experienced, fees alone consumed approximately 0.21% of positions per month. Regarding what other products there are in Germany and the differences to pay attention to, we have already elaborated on in the Overview of German Crypto ETFs and ETPs.

Holding period and taxation: Cash clearing is different from how DOGE is handled in your wallet

The difference between these two paths is the latest to be reflected in the tax office, which is why choosing to buy directly or buy packaged products in Germany is not just a matter of convenience.

If your dog coins are stored directly in your own wallet or exchange, Article 23 of the German Income Tax Law applies. A sale within one year of purchase is considered a private disposal; the proceeds are taxed at your personal tax rate, except if the sum of the proceeds from all private disposals within one year remains below the 1000 euro exemption, they are exempt. After the holding period exceeds one year, no matter how large the income is, it will be tax-free. The tax exemption is different from the exemption: above 1 euro, all proceeds will be taxed.

For ETP, the treatment depends on the specific structure, in particular whether the terms provide for the right to deliver deposited coins. Classification is controversial in professional literature and has been the subject of litigation many times. The forum's rules of thumb do not apply here. Please read the product terms and confirm with your tax adviser before purchasing. For tools that relieve the burden of holding period records, see our comparison of crypto tax tools and portfolio trackers.

By the way, for BWOW shareholders: Cash liquidation is considered a sale for tax purposes, even if investors do nothing. Bitwise's notice did not mention tax matters, which is not surprising because the handling follows the investor's place of residence principle.

Our assessment: Closure is a demand signal, not a price signal

从新闻室的角度来看，10月14日对狗狗币价格的含义很少，但对美国打包DOGE的需求含义很大。证据如上：70.7万美元的持仓对比5.03亿美元的日常交易量，即0.14%。由此产生的抛售压力不足以在图表上显现。同时，一个在318天后低于百万美元的基金，是市场对这种格式而非对硬币本身的严厉判决。

不应抑制反对这种解读的理由。关闭可能会使机构注意力从DOGE上移开，而对于没有供应上限且没有协议收益的硬币来说，注意力是一个真实的价格驱动因素。Grayscale和21Shares剩余的美国产品也在小众而非突破性的规模上运营。任何指望ETF流入吸收每日新发行的赌注，都必须在这个秋天过后放弃这一假设。

我们的评估权衡了局势，不构成买卖建议。加密货币可能导致全额损失。

200日均线在0.0877美元，50日均线在0.0890美元：价格位于两者之下

在未来几天，两个移动平均线是可验证的下一个关键水平，分别基于过去200天和50天的每日收盘价计算。200日均线位于0.0877美元，50日均线位于0.0890美元。价格低于前者1.73%，低于后者3.23%。只要两者都高于价格，过去24小时的反弹在技术上算作下行趋势内的反向运动，而非反转。

On the downside, the intraday low of $0.084082 was the first marker because it marked the area where buyers intervened yesterday. Below the intraday level established in this area starting on October 9. The moving average is not a forecast, but an average of past prices; it describes the area where an asset was last traded and many market participants placed orders based on it. Its weight is nothing more and should not be given more.

DOGE ETF clearing: Only exchange sales are valid until October 14.

Three specific steps for the next few days:

1. Check the portfolio, but don't rush. If you don't have BWOW in your portfolio (for almost all investors with a German broker), October 14th has nothing to do with you. If you hold shares through a U.S. broker, you can choose to sell at the market price before the close on October 14, or be paid on October 22 at the net asset value of October 21. Where you can trade DOGE regularly in Germany, see our comparison of the best crypto exchanges.
2. Weighing costs against holding periods. Before purchasing an ETP, compare the 2.50% annual cost to the spread and order fee of the direct purchase and calculate based on your actual planned holding period. Record the purchase date and purchase price from the beginning; relevant tools can be found in our crypto tax tool comparison.
3. Resolve custody issues before the next volatility comes. 如果您想利用第23条的一年期限，您需要一笔一年内无需触碰的持仓，以及一个安全存放的地方。哪些设备适合此目的，请参阅我们的硬件钱包比较。

（截至2026年10月10日。本文不构成投资建议。价格和费用结构会发生变化；购买前请与提供商核实条款。）