"While Dogecoin Weakens, Bitcoin and Ethereum ETFs Rise"

While Dogecoin ETFs Decline, Bitcoin and Ethereum Charge Ahead

Recently, as demand for Bitcoin and Ethereum-based exchange-traded funds (ETFs) in the U.S. market has increased, there has been a noticeable weakening in the demand for Dogecoin ETFs. According to SoSoValue data, the total transaction value (TVT) of Dogecoin ETFs fell to $122,000 by December 9, marking the lowest level since their launch. This situation highlights a significant decline when compared to transaction values exceeding $3.23 million at the end of November.

Transaction Value and Market Dynamics

Total transaction value refers to the total dollar amount of ETF shares bought and sold over a certain period. Maintaining this metric at low levels indicates that investors prefer to trade directly on the exchange with cryptocurrencies like Dogecoin rather than through exchange-traded products. CoinMarketCap data indicates that Dogecoin recorded a trading volume of over $1.7 billion in the last 24 hours, demonstrating that while Dogecoin has high liquidity, this liquidity is not facilitated through ETFs.

Bitcoin and Ethereum's Dominance in the ETF Market

The launch of the Dogecoin ETF in November attracted attention as it fell significantly short of expectations. ETF analyst Eric Balchunas had predicted that this ETF would achieve at least $12 million in trading volume on its first day. However, demand remained low, limited to just $1.4 million in volume.

As of December 9, 2025, ETF activities have been predominantly concentrated on Bitcoin and Ethereum-based products. According to SoSoValue data, Bitcoin ETFs have recorded a TVT of $4.2 billion, while Ethereum ETFs have reached a trading volume of $2.4 billion. Among other digital asset types, Solana ETFs have $49 million, XRP products have $28 million in trading volume, while Chainlink and Litecoin ETFs have recorded $4.7 million and $445,000 in trading volume, respectively.

The data shows that ETF capital is still directed towards the two largest digital assets in the market, Bitcoin and Ethereum, continuing to lead as the primary liquidity centers for regulated cryptocurrency exchange-traded products.