Dogecoin Weakens While Bitcoin and Ethereum ETFs Rise

While Dogecoin ETFs Decline, Bitcoin and Ethereum Race Forward

Recently, as demand for Bitcoin and Ethereum-based exchange-traded funds (ETFs) has risen in the U.S. market, there has been a noticeable decline in the demand for Dogecoin ETFs. According to SoSoValue data, the total trading value (TVT) of Dogecoin ETFs has fallen to $122,000 by December 9, marking the lowest level since their launch. This represents a significant decline compared to trading values that exceeded $3.23 million in late November.

Trading Value and Market Dynamics

Total trading value refers to the total dollar amount of ETF shares bought and sold over a specific period. A low level of this metric indicates that investors prefer direct stock trades of cryptocurrencies like Dogecoin over exchange-traded products. CoinMarketCap data suggests that Dogecoin recorded over $1.7 billion in trading volume within the last 24 hours, showing that Dogecoin has high liquidity, but this liquidity is not facilitated through ETFs.

Dominance of Bitcoin and Ethereum in the ETF Market

Since the launch of the Dogecoin ETF in November, it has significantly underperformed expectations. ETF analyst Eric Balchunas predicted that this ETF would achieve at least $12 million in trading volume on its first day. However, demand remained quite low, limited to just $1.4 million in volume.

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

The data shows that ETF capital is still directed towards Bitcoin and Ethereum, the two largest digital assets in the market, reaffirming these assets' leadership as the main liquidity centers for regulated cryptocurrency exchange-traded products.