The US spot Dogecoin exchange-traded fund (ETF) is showing early signs of cooling demand as total trading value (TVT) falls to its lowest level since its inception.
On Monday, Dogecoin ETF TVT fell to just $142,000, its lowest since its launch, according to SoSoValue data. This marked a sharp pullback from late November, when the fund had days with more than $3.23 million in trades.
Total trading volume refers to the total amount of ETF shares bought and sold during a given period. It serves as a measure of market activity and real liquidity, showing the amount of money that passes through the fund.
Daily spot ETF net inflows and total net assets. Source: SoSoValue
The contrast is striking when compared to Dogecoin’s (DOGE) activity in the broader crypto market. In the past 24 hours, DOGE recorded over $1.1 billion in spot trading volume, giving it a market cap of $22.6 billion, according to CoinGecko data.
This indicates that the underlying asset remains highly liquid, but not through an ETF wrapper. This discrepancy suggests that traders are accessing DOGE directly through exchanges rather than traditional market vehicles.
Grayscale’s Dogecoin ETF debuted in November, with volumes far below initial expectations. At the time, ETF analyst Eric Balchunas expected the ETF’s volume to be at least $12 million. However, the ETF only made $1.4 million on its first day.
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Bitcoin and Ether dominate ETF trading as alternative ETFs follow suit
On December 8th, ETF trading activity remained concentrated in Bitcoin (BTC) and Ether (ETH)-based products. According to SoSoValue, the Bitcoin ETF recorded $3.1 billion in TVT, while the Ether ETF recorded $1.3 billion.
The Solana (SOL) ETF traded $22 million, while the XRP product recorded $21 million. Further down the curve, the recently launched Chainlink ETF recorded a TVT of $3.1 million on the same day, while the Canary Litecoin (LTC) ETF had a TVT of approximately $526,000.
This data suggests that ETF funds still overwhelmingly flow to the two largest digital assets, retaining their place as core liquidity centers for regulated crypto exchange products.
In terms of inflows, XRP (XRP) continues to perform well. On Monday, the XRP ETF’s inflow streak continued unbroken since its inception. Meanwhile, the Solana ETF, which broke its record for consecutive inflows for the first time in November, has continued to see inflows for three consecutive days after recording an outflow of $32 million on Wednesday.
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