Demand for US spot Dogecoin exchange-traded funds (ETFs) appears to be cooling, with the total value traded (TVT) hitting its lowest point since inception.
According to SoSoValue data reported on Monday, Dogecoin ETFs’ TVT decreased to just $142,000, marking a significant drop from late November, when reported days saw trading values exceed $3.23 million.
Total value traded indicates the total dollar amount of ETF shares bought and sold over a set period. It serves as a metric of market activity and liquidity, reflecting the volume of money that has transacted through these funds.
This trend sharply contrasts with Dogecoin (DOGE) activity in the wider crypto market. Data from CoinGecko indicated that in the last 24 hours, DOGE achieved over $1.1 billion in spot trading volume and had a market cap of $22.6 billion.
This discrepancy demonstrates that the underlying asset maintains high liquidity, but not through its ETF forms, suggesting traders are opting to access DOGE directly via exchanges instead of traditional market structures.
Grayscale’s Dogecoin ETF launched in November but failed to meet initial volume predictions. ETF analyst Eric Balchunas had forecasted that the ETFs would garner at least $12 million in trading volume, yet the ETF recorded only $1.4 million on its first day.
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Bitcoin and Ether lead ETF trading as alt-ETFs lag
On December 8, ETF trading activity was primarily focused on Bitcoin (BTC) and Ether (ETH)-based products. As per SoSoValue, Bitcoin ETFs reported $3.1 billion in TVT, while Ether ETFs posted $1.3 billion.
Solana (SOL) ETFs saw $22 million in trading volume, and XRP products recorded $21 million. Further down the line, the newly launched Chainlink ETFs registered a TVT of $3.1 million on that day, while Canary’s Litecoin (LTC) ETF achieved roughly $526,000.
The data underscore that ETF investment is still predominantly channeled into the two largest digital assets, solidifying their position as the primary liquidity hubs of regulated crypto exchange-traded products.
In terms of inflows, XRP (XRP) continues to show strength. On Monday, XRP ETFs maintained an unbroken inflow streak since their launch, while Solana ETFs, after breaking their inflow streak in November, have seen three consecutive days of inflows following $32 million in outflows on Wednesday.
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