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Dogecoin ETF Debuts Quietly Amid Crypto ETF Shifts
25 Nov
Summary
- Grayscale's new Dogecoin ETF launched with zero net flows.
- Bitcoin ETFs continued their multi-week outflow streak.
- XRP, Solana, and Ethereum spot ETFs saw fresh inflows.
The much-anticipated launch of Grayscale's first spot Dogecoin ETF, GDOG, on November 24th was met with a muted response, recording zero net inflows and only $1.41 million in trading volume. This subdued debut for Dogecoin's Wall Street entry stands in stark contrast to the recent performance of other altcoin-focused ETFs, which are demonstrating increased investor activity as the broader crypto market attempts a recovery.
Meanwhile, spot Bitcoin ETFs continued their prolonged trend of outflows, shedding $151 million on November 24th. This extended period of capital withdrawal, despite a recent Bitcoin price bounce, suggests lingering institutional caution. Major funds like BlackRock's IBIT saw significant outflows, underscoring the ongoing pressure on Bitcoin investment products. Fidelity's FBTC was a minor exception, experiencing positive inflows.
In a notable shift, altcoin spot ETFs experienced a surge in inflows on November 24th. XRP ETFs led the pack with their largest daily inflow to date at $164 million, followed by Ethereum ETFs which attracted $96.67 million after two weeks of outflows. This trend indicates a growing investor appetite for "second-tier" major cryptocurrencies amid ongoing volatility in the Bitcoin market.
