Bitwise Asset Management announced the liquidation of its Spot Dogecoin ETF (ticker: BWOW) due to persistent low demand. The fund, launched in November 2025, recorded cumulative net outflows of $1.23 million and held only $687,000 in net assets. Trading will cease October 14, with cash distributions around October 22. The broader category of Spot Dogecoin ETFs has attracted just $12 million in cumulative net inflows since launch, with September seeing net outflows. Institutional interest has also waned, as major corporate holders like CleanCore and Bit Origin made no DOGE purchases in 2026. DOGE traded near $0.083, facing bearish momentum.
Bitwise will liquidate its Spot Dogecoin ETF after prolonged low liquidity. The fund, BWOW, recorded cumulative net inflows of -$1.23 million as outflows dominated activity. Bitwise said the liquidation would “optimize its product lineup for changing investor needs.” However, BWOW’s persistent low liquidity appeared to drive the decision.
The broader Spot Dogecoin ETF market has struggled to attract institutional capital. Cumulative net inflows across all such funds reached only $12 million since entering the market. January was their strongest month, recording $4 million in net inflows, but September saw net outflows.
Similar weakness emerged among corporate Dogecoin holders. CleanCore, the largest public corporate DOGE holder, made no purchases in 2026. Bit Origin also added no DOGE over the past year while its losses exceeded $10 million.
Following Bitwise’s announcement, DOGE fell to $0.082 before rebounding slightly to $0.083. The muted reaction suggested traders viewed the closure as a limited market shock. The Relative Vigor Index reinforced bearish pressure, forming a bearish crossover and falling to 0.05. According to the data, such conditions often favor continuation of the prevailing trend. If selling persists, DOGE could retest $0.081 and place the $0.08 support level at risk.
