US spot Dogecoin exchange-traded funds (ETFs) are exhibiting early indications of decreased demand, with the total value traded (TVT) reaching its lowest point since their inception.
Data from SoSoValue indicates that on Monday, Dogecoin ETFs' TVT dropped to $142,000, marking the lowest figure since their launch. This represents a significant decline from late November, when the funds experienced days with trading values exceeding $3.23 million. Total value traded quantifies the total dollar amount of ETF shares exchanged, serving as a metric for market activity and liquidity.
In contrast, Dogecoin (DOGE) activity in the broader cryptocurrency market remains robust. CoinGecko data shows that over the past 24 hours, DOGE recorded over $1.1 billion in spot trading volume and holds a market capitalization of $22.6 billion. This disparity suggests that the underlying asset is highly liquid, but investors are opting for direct trading on exchanges rather than through its ETF wrappers.
Grayscale's Dogecoin ETF, launched in November, failed to meet initial volume expectations. ETF analyst Eric Balchunas had predicted at least $12 million in daily volume, but the ETF only achieved $1.4 million on its debut day.
Bitcoin and Ether Dominate ETF Trading as Alt-ETFs Trail Behind
On December 8, ETF trading activity remained heavily concentrated on Bitcoin (BTC) and Ether (ETH) based products. According to SoSoValue, Bitcoin ETFs registered $3.1 billion in TVT, while Ether ETFs recorded $1.3 billion.
Solana (SOL) ETFs saw $22 million in value traded, and XRP products recorded $21 million in value traded. Further down the list, the recently launched Chainlink ETFs registered a $3.1 million TVT on the same day, while Canary's Litecoin (LTC) ETF had approximately $526,000.
This data reinforces the trend of ETF capital predominantly flowing towards the two largest digital assets, solidifying their position as the primary liquidity centers for regulated crypto exchange-traded products.
In terms of inflows, XRP (XRP) continues to show strength. On Monday, XRP ETFs maintained an unbroken inflow streak since their launch. Meanwhile, Solana ETFs, which experienced a broken inflow streak in November, are now on a three-day inflow streak after registering $32 million in outflows on December 3.