Bitwise is closing its dogecoin ETF. Access was never the problem

Across 199 trading days, the three US dogecoin funds recorded zero net flows on 166 of them. Not outflows. Nothing at all. The generic listing standards made these products easy to launch, and the first casualty shows what launching easily actually reveals. Summary Bitwise told the SEC on September 10 it will liquidate the Bitwise Dogecoin ETF, with final trading expected on October 14 and cash distribution around October 22. The fund held roughly $722,000 in net assets as of September 8, backed by about 8.2 million DOGE. Across 199 trading days for all three US dogecoin funds, net flows were positive on 28 days, negative on five, and zero on 166 days. Dogecoin ETFs generated roughly $300 million in cumulative trading volume, compared with $1.5 billion for Zcash products and $2.1 billion for Hyperliquid-linked products. Bitwise cited optimising its product range as the reason for the closure, while its Hyperliquid fund continued attracting buyers. The interesting number in the dogecoin ETF story is not the $722,000 the fund held when Bitwise decided to close it. It is 166. That is how many trading days, out of 199 covering all three US dogecoin funds, recorded combined net flows of...