Grayscale's Dogecoin ETF Launch Falls Short of Expectations
Grayscale's initial trading volume for its Dogecoin ETF fell significantly beneath predicted figures on its launch day, amidst anticipation of a competing product from Bitwise.
The launch of Grayscale’s spot Dogecoin ETF was marked by trading volume that fell short of expectations.
Trading Volume Details
Grayscale’s product saw only $1.4 million in volume on debut, significantly behind the anticipated $12 million, as noted by Bloomberg’s ETF analyst Eric Balchunas. Despite a solid launch for most ETFs, this figure was disappointing as it marked the introduction of the first spot Dogecoin product in the U.S.
On the horizon is a competing Bitwise Dogecoin ETF, which is expected to start trading after filing with regulators.
Context of the Launch
This debut comes in light of regulatory changes by the SEC that have prompted a surge in ETF applications, as asset managers assess market interest in crypto products linked with speculative tokens.
Future Products
According to Balchunas, the DOGE sentiment is part of a larger trend expected to yield over 100 new products in the coming months.
