Dogecoin ETF Race Heats Up: Bitwise Eyes Approval as Market Hesitates

狗狗幣 ETF 競賽白熱化：市場猶豫不決，Bitwise 關注批准

The Dogecoin ETF landscape is getting interesting! Bitwise is making moves towards launching its Dogecoin ETF (BWOW), while the market's initial reaction to Grayscale's GDOG has been, well, a bit of a snooze-fest. Let's dive into what's happening in the world of Dogecoin ETFs.

狗狗幣 ETF 格局變得越來越有趣！ Bitwise 正在努力推出其狗狗幣 ETF (BWOW)，而市場對 Grayscale 的 GDOG 的最初反應卻有點小睡。讓我們深入了解狗狗幣 ETF 領域正在發生的事情。

Bitwise Inches Closer to Dogecoin ETF Approval

Bitwise 距離狗狗幣 ETF 批准又近了一步

Bitwise Asset Management is pushing forward with its Dogecoin ETF, BWOW. They've confirmed that the registration statement is under review by the SEC. Of course, they can't start promoting it until the SEC gives the thumbs up, but the fact that it's under review is a big step.

Bitwise Asset Management 正在推進其狗狗幣 ETF BWOW。他們已確認註冊聲明正在接受 SEC 的審查。當然，在美國證券交易委員會豎起大拇指之前他們不能開始推廣它，但它正在接受審查這一事實是一大進步。

If BWOW gets the green light, it could open up Dogecoin to a wider range of investors, particularly institutional players looking for a regulated way to get in on the meme coin action. It also shows that Bitwise is actively pushing into the digital-asset ETF market, considering they just launched their spot XRP ETF. The Bitwise ETF just saw $39.5M in inflow, the HIGHEST since launch.

如果 BWOW 獲得批准，它可能會向更廣泛的投資者開放狗狗幣，特別是尋求受監管方式參與模因幣活動的機構參與者。這也表明 Bitwise 正在積極進軍數字資產 ETF 市場，考慮到他們剛剛推出了現貨 XRP ETF。 Bitwise ETF 剛剛迎來 3950 萬美元的流入，這是自推出以來的最高流入量。

Market Hesitation: GDOG's Muted Debut

市場猶豫：GDOG 低調亮相

Grayscale's Dogecoin ETF (GDOG) started trading on November 24th, but it didn't exactly set the world on fire. In fact, it recorded no inflows on its launch day. Zero. Nada. This raises questions about whether there's as much demand for a Dogecoin ETF as some might have thought. Bloomberg analysts predicted that the Dogecoin ETF volume could reach $12 million on the first day of trading, yet the actual tape missed that mark by nearly 90%.

Grayscale 的狗狗幣 ETF (GDOG) 於 11 月 24 日開始交易，但並沒有引起全世界的關注。事實上，它在推出之日就沒有任何資金流入。零。沒什麼。這引發了人們對狗狗幣 ETF 的需求是否像一些人想像的那麼大的疑問。彭博社分析師預測，狗狗幣 ETF 交易量在首日交易時可能會達到 1200 萬美元，但實際交易量卻比這一數字低了近 90%。

The lack of initial interest could be due to a few factors. For one, Dogecoin is already widely available on platforms like Robinhood. GDOG, by contrast, offers pure exposure to social sentiment. It is a “vanilla” spot product that holds an asset already ubiquitous on retail platforms like Robinhood. Without the “access premium” or a yield component, the value proposition for an institutional allocator is thin.

最初缺乏興趣可能是由於幾個因素造成的。其一，狗狗幣已經在 Robinhood 等平台上廣泛使用。相比之下，GDOG 提供了純粹的社會情緒暴露。它是一種“普通”現貨產品，擁有 Robinhood 等零售平台上已經無處不在的資產。如果沒有“准入溢價”或收益成分，機構配置者的價值主張就很薄弱。

Bitwise's Strategic Move

Bitwise 的戰略舉措

Bitwise resubmitted its S-1 filing without a delaying amendment, which started a 20-day review window. According to Bloomberg ETF analyst Eric Balchunas, this move could allow the BWOW filing to become effective by November 26, 2025, if the SEC doesn't intervene.

Bitwise 在沒有延遲修改的情況下重新提交了 S-1 申請，啟動了 20 天的審核窗口。彭博 ETF 分析師 Eric Balchunas 表示，如果 SEC 不干預，此舉可能會讓 BWOW 備案在 2025 年 11 月 26 日生效。

Dogecoin's Technical Outlook

狗狗幣的技術展望

Currently, Dogecoin is trading above a support zone between $0.13 and $0.14. A breakout above $0.16 could target $0.18. If it fails to hold support, it could drop to $0.12. Keep an eye on those levels!

目前，狗狗幣的交易價格位於 0.13 美元至 0.14 美元之間的支撐區域上方。突破 0.16 美元上方可能目標為 0.18 美元。如果未能守住支撐，則可能跌至 0.12 美元。密切關注這些水平！

The Future of Dogecoin ETFs: A Personal Take

狗狗幣 ETF 的未來：個人看法

Here's my two Doge-cents (see what I did there?). While GDOG's initial performance wasn't stellar, it's still early days. The market needs time to digest these new offerings. Bitwise's BWOW, if approved, could change the game by offering a different approach or attracting a different type of investor. I think the narrative is that, big funds get comfortable with the payments narrative through products like XRPZ, their next instinct is to look further down the risk curve for emerging infrastructure plays. The Crypto Index ETF of Franklin Templeton will expand its portfolio with a number of new digital assets at least beginning December 1, 2025.

這是我的兩枚總督美分（看看我在那裡做了什麼？）。雖然 GDOG 最初的表現並不出色，但現在還處於早期階段。市場需要時間來消化這些新產品。 Bitwise 的 BWOW 如果獲得批准，可以通過提供不同的方法或吸引不同類型的投資者來改變遊戲規則。我認為，大基金通過 XRPZ 等產品對支付方式感到滿意，他們的下一個本能是進一步關注新興基礎設施領域的風險曲線。富蘭克林鄧普頓的加密貨幣指數 ETF 將至少從 2025 年 12 月 1 日開始通過一系列新的數字資產擴大其投資組合。

Wrapping Up

總結

The Dogecoin ETF saga is far from over. With Bitwise pushing for approval and the market still figuring out its feelings about GDOG, there's plenty more to come. So, grab your popcorn, keep an eye on those trading volumes, and get ready for the next chapter in the wild world of crypto ETFs! Who let the DOGE out?

狗狗幣 ETF 的傳奇還遠沒有結束。隨著 Bitwise 努力爭取批准，並且市場仍在摸索對 GDOG 的感受，還有更多的事情即將發生。因此，拿起你的爆米花，密切關注這些交易量，為加密 ETF 狂野世界的新篇章做好準備！誰放走了DOGE？