The total value traded for spot DOGE ETFs reached its lowest point since launch, signaling a fading of the early hype as liquidity and flows lag well behind those of major crypto ETFs.
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US spot Dogecoin exchange-traded funds (ETFs) are showing early signs of cooling demand, as total value traded (TVT) has fallen to its lowest level since launch.
SoSoValue data that on Monday, Dogecoin ETFs’ TVT fell to just $142,000, the lowest since launch. This marked a sharp retreat from late November, when the funds saw days where value traded topped $3.23 million.
Total value traded refers to the total dollar amount of ETF shares bought and sold over a given period. It serves as a gauge of market activity and practical liquidity, indicating the amount of money that has moved through the funds.
The contrast is stark when compared to Dogecoin () activity in the broader crypto market. CoinGecko data that in the last 24 hours, DOGE recorded over $1.1 billion in spot trading volume and had a market capitalization of $22.6 billion.
This shows that the underlying asset remains highly liquid, but not through its ETF wrappers. This discrepancy suggests that traders are accessing DOGE directly through exchanges rather than traditional market vehicles.
Grayscale’s Dogecoin ETF made its debut in November but . ETF analyst Eric Balchunas predicted at the time that the ETFs would get at least $12 million in volume. However, the ETF only saw $1.4 million on its first day.
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On Dec. 8, ETF trading activity concentrated on Bitcoin () and Ether ()-based products. According to SoSoValue, Bitcoin ETFs posted $3.1 billion in TVT, while Ether ETFs recorded $1.3 billion.
Solana () ETFs saw $22 million in value traded, while XRP products recorded $21 million in value traded. Further down the curve, the recorded a $3.1 million TVT on the same day, while Canary’s Litecoin () ETF had about $526,000.
The data suggested that ETF capital still overwhelmingly flows toward the two largest digital assets, continuing their lead as the core liquidity centers of regulated crypto exchange-traded products.
In terms of inflows, XRP () remains strong. On Monday, XRP ETFs’ inflow streak unbroken since its launch. Meanwhile, Solana ETFs, which first , are on a three-day inflow streak after seeing $32 million in outflows on Wednesday.
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