Dogecoin Weakens While Bitcoin and Ethereum ETFs Rise

While Dogecoin ETFs Decline, Bitcoin and Ethereum Surge Forward

Recently, as demand for Bitcoin and Ethereum-based exchange-traded funds (ETFs) has increased in the US market, there has been a noticeable weakening in the demand for Dogecoin ETFs. According to SoSoValue data, the total trading volume (TVT) of Dogecoin ETFs has fallen to $122,000 by December 9, reaching its lowest level since the launch. This represents a significant decline compared to trading volumes exceeding $3.23 million at the end of November.

Trading Volume and Market Dynamics

Total trading volume refers to the total dollar amount of ETF shares bought and sold during a specific period. The sustained low levels of this metric indicate that investors prefer direct stock trading of cryptocurrencies like Dogecoin instead of equity investment products. CoinMarketCap data also notes that Dogecoin recorded a trading volume of over $1.7 billion in the last 24 hours, demonstrating that Dogecoin has high liquidity, but this liquidity is not being achieved through ETFs.

Bitcoin and Ethereum's Dominance in the ETF Market

Since the launch of the Dogecoin ETF in November, it has notably fallen 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 significantly low, limited to only $1.4 million in volume.

As of December 9, 2025, ETF activity is concentrated in 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 categories, Solana ETFs have a trading volume of $49 million, XRP products have $28 million, and Chainlink and Litecoin ETFs have recorded trading volumes of $4.7 million and $445,000, respectively.

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