Dogecoin (DOGE) rose 1.3% in 24 hours to trade at $0.086, making it the biggest gainer among the top ten cryptos by market cap.
The gains come as Bitwise prepares to shut down its Dogecoin ETF, ticker BWOW, on October 14. The product launched in November 2025 and will close after just over one year of trading.
Bitwise CEO on ETF Closure
Bitwise CEO Hunter Horsley called the shutdown "tragic," citing a disconnect between institutional ETF investors and retail traders who actively trade Dogecoin on exchanges.
"Those ETFs did nothing. The users of ETFs just didn't want to put money into Dogecoin. But that may change over time," Horsley said.
The BWOW ETF has recorded no inflows since August 24 and saw only one day of inflows since its November 2025 launch. More broadly, Dogecoin ETFs have seen no inflows since the start of October.
Futures Market Weakening
Dogecoin's open interest in futures contracts declined significantly from 16.57 billion DOGE on October 8 to 15.18 billion DOGE, reflecting reduced demand for leveraged products. The drop came alongside a spike in liquidations, with more than $35 million in liquidations recorded since October 7, primarily affecting long positions.
The decline in open interest and increased liquidations suggest investors are reducing leverage exposure to the asset.
