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XRP Bitwise closes Dogecoin ETF: CEO points out that funds are flowing to Solana, which has real utility.
Bitwise has officially closed its Dogecoin exchange-traded fund (ETF). Hunter Horsley, CEO of the company, said the decision revealed a clear trend: investors seeking real utility are turning to Solana rather than Meme Coins. Currently, Bitwise is reshaping its product line around assets with measurable chain activity and focusing on expanding its artificial intelligence (AI) themed ETF business.
Market insights behind the shutdown signal
Less than a year after its launch, Bitwise terminated the operation of the Dogecoin ETF. For an institution that has been very active in crypto ETF applications, the withdrawal of such products is quite rare. For Horsley, this failure was not just a business setback, but also an important data point about institutional investors 'actual needs.
Horsley views the low uptake of Dogecoin ETF as evidence of buyers 'discriminating power. He pointed out that the value proposition of dogcoin mainly stems from cultural identity and speculative sentiment; in contrast, Solana provides a dense on-chain application ecosystem, from decentralized exchanges to token launch platforms, bringing real economic activity to the network. Horsley believes that it is this fundamental difference that determines the flow of capital.
The contrast is particularly stark in the broader altcoin ETF market. While the Dogecoin ETF struggled to attract buyers, XRP and Solana-related funds attracted as much as $3 billion. This huge gap highlights the market's very different valuation logic for "speculative meme exposure" and "network utility assets".
On-chain usage becomes a new benchmark for ETF demand
When Horsley mentioned Solana's on-chain usage, he was referring to a specific concept: the volume of transactions, the number of applications and the flow of value flowing through the Solana network every day. Unlike Dogecoin, which is mainly a storage tool for speculative sentiment, Solana hosts the DeFi protocol, NFT markets and an increasingly sophisticated payment layer, all of which are generating measurable activity independent of price fluctuations.
This activity provides ETF buyers with a solid investment basis. ETFs that track assets with active chains of economies have a completely different investment logic than coin ETFs that track prices almost entirely driven by social media cycles. Horsley believes that institutional and retail buyers are increasingly aware of this difference.
事实上，Bitwise 长期以来一直在为此逻辑布局。该公司已为多个侧重效用的资产提交了 ETF 申请，包括向美国证券交易委员会（SEC）提交的 NEAR ETF S-1 文件，以及在 LINK 涨幅超过 20% 时提交的 Chainlink ETF 招股说明书。NEAR 和 Chainlink 均拥有活跃的开发者及用户生态系统，契合了 Horsley 所阐述的“效用优先”模式。
AI ETF 拓宽主题投资边界
伴随狗狗币 ETF 的关闭，Bitwise 宣布在其产品组合中增加 AI 主题的 ETF。此举不仅扩大了该公司在超越原生加密资产之外的主题投资覆盖面，也表明 Bitwise 认为区块链基础设施与人工智能之间的融合是投资者持久的兴趣所在，而非短暂的风口。
新增的 AI ETF 并未取代 Bitwise 原有的加密资产 offerings，而是与之并行发展。该公司继续扩大其国际加密业务版图，例如与 Hargreaves Lansdown 合作，将比特币 ETP（交易所交易产品）引入英国市场。这种综合产品策略使 Bitwise 定位为一位广泛的主题 ETF 发行商，而非仅限于加密领域的机构。
Horsley 的言论给其他山寨币 ETF 市场留下了一个开放性问题：如果链上效用才是真正的需求驱动力，那么一旦其他与模因币相关的 ETF 实际上市，其中有多少会面临买家不足的困境？
