On Monday, the total value traded for U.S. spot Dogecoin (DOGE) exchange-traded funds (ETFs) fell to $142,000, marking the lowest figure since these products were introduced. Data from SoSoValue indicates a significant drop from late November, when daily trading volumes occasionally surpassed $3.23 million.
The total value traded serves as a measure of the dollar amount of ETF shares that change hands within a specific timeframe. This metric is indicative of both the level of market activity and the practical liquidity available within these funds.
Underlying Asset Activity Contrasts ETF Trends
The underlying asset, Dogecoin itself, exhibits markedly different activity patterns compared to its ETF counterparts. Over the past 24 hours, Dogecoin generated more than $1.1 billion in spot trading volume, while maintaining a market capitalization of $22.6 billion.
This indicates that high liquidity persists for the asset directly, although not necessarily through the ETF structures. Market participants are actively accessing Dogecoin through direct exchange trading rather than relying on regulated investment vehicles.
Grayscale Dogecoin ETF Debut and Performance
Grayscale's Dogecoin ETF launched in November, with its first-day trading volume falling short of initial projections. ETF analyst Eric Balchunas had anticipated at least $12 million in opening volume, but the actual trading volume reached only $1.4 million.
Comparative ETF Performance
As of December 8th, data from SoSoValue shows that Bitcoin ETFs recorded a total value traded of $3.1 billion. Over the same period, Ethereum ETFs generated $1.3 billion in trading volume.
Solana ETFs saw $22 million in trading activity, while XRP products handled $21 million. Recently launched LINK ETFs recorded $3.1 million, and Canary's LTC ETF processed approximately $526,000.
Dominance of Bitcoin and Ethereum in Crypto ETFs
Capital flows into regulated crypto exchange-traded products remain heavily concentrated in the two largest digital assets. Bitcoin and Ethereum continue to dominate as the primary liquidity centers for these investment vehicles.
XRP has maintained consistent inflow patterns, with its streak remaining unbroken since its launch. Solana ETFs are currently experiencing a three-day inflow period, following a significant $32 million in outflows recorded on Wednesday.
Solana products had previously broken their inflow streak in November. This pattern highlights the volatility in investor demand for alternative cryptocurrency ETF offerings beyond Bitcoin and Ethereum.