In a candid reflection, Bitwise CEO Hunter Horsley has labeled the imminent closure of the firm's spot Dogecoin ETF (BWOW) as 'tragic.' This sentiment, voiced in an interview with The Block, encapsulates a significant finding: a palpable disconnect between the preferences of traditional ETF investors and the typical users of crypto brokerage apps.

Bitwise 首席执行官亨特·霍斯利 (Hunter Horsley) 坦率地表示，该公司现货狗狗币 ETF (BWOW) 即将关闭是“悲剧性的”。在接受 The Block 采访时表达的这种观点概括了一个重要发现：传统 ETF 投资者的偏好与加密货币经纪应用程序的典型用户之间存在明显的脱节。

The Short, Unsweetened Saga of BWOW

BWOW 简短、不加糖的传奇故事

Launched on the NYSE in November 2025, BWOW's journey will conclude less than a year later, with trading ceasing after October 14. Its performance was, to put it mildly, underwhelming. As of October 7, the fund held a meager $725,870 in assets, with September trading volume a paltry $51,480. Cumulative net outflows through September 25 reached $1.38 million. Bitwise officially announced the liquidation on September 10, 2026, citing the need to 'optimize its product range to meet evolving investor needs.'

BWOW 于 2025 年 11 月在纽约证券交易所上市，不到一年后就将结束其旅程，并于 10 月 14 日后停止交易。温和地说，其表现并不令人印象深刻。截至 10 月 7 日，该基金持有的资产仅为 725,870 美元，9 月份的交易量仅为 51,480 美元。截至 9 月 25 日的累计净流出达到 138 万美元。 Bitwise 于 2026 年 9 月 10 日正式宣布清算，理由是需要“优化其产品范围以满足不断变化的投资者需求”。

A Tale of Two Audiences: ETF Buyers vs. DOGE Users

两种受众的故事：ETF 买家与 DOGE 用户

Horsley's 'tragic' assessment stems from what he perceives as a fundamental audience mismatch. Despite his personal affinity for Dogecoin – he owns it and respects its 'authentic' ethos – he concedes that traditional ETF investors simply weren't keen on allocating capital to it. This observation challenges the assumption that an asset's popularity within the crypto sphere automatically translates into demand for an ETF wrapper.

霍斯利的“悲剧性”评价源于他认为根本的观众不匹配。尽管他个人对狗狗币很感兴趣——他拥有它并尊重其“真实”的精神——但他承认传统的 ETF 投资者根本不热衷于向其配置资金。这一观察结果挑战了一种假设，即资产在加密领域的受欢迎程度会自动转化为对 ETF 包装器的需求。

This isn't to say Dogecoin users are actively rejecting ETFs, as no definitive data or surveys support such a broad claim. Rather, it points to a nuanced scenario where the specific demographic of ETF buyers, perhaps seeking more established or yield-generating assets, didn't find Dogecoin appealing in this format. Horsley himself leaves room for change, suggesting that this divide 'may change over time.'

这并不是说狗狗币用户积极拒绝 ETF，因为没有明确的数据或调查支持如此广泛的主张。相反，它指出了一种微妙的情况，即 ETF 买家的特定人群（可能寻求更成熟或产生收益的资产）并不认为狗狗币这种形式具有吸引力。霍斯利本人留下了改变的空间，暗示这种分歧“可能会随着时间的推移而改变”。

Contrasting Fortunes: Dogecoin vs. Solana ETFs

财富对比：狗狗币与 Solana ETF

The stark contrast with Bitwise's other offerings further illustrates this point. Horsley highlighted the Bitwise Solana Staking ETF (BSOL), which boasts approximately $1.3 billion in assets. He attributes BSOL's success to Solana's utility in stablecoins, tokenized assets, and onchain services, coupled with the allure of staking. This comparison strongly suggests that demand for crypto ETFs is highly asset-specific, with investors favoring assets offering clear utility or established ecosystems.

与 Bitwise 的其他产品形成的鲜明对比进一步说明了这一点。 Horsley 重点介绍了 Bitwise Solana Stake ETF (BSOL)，该基金拥有约 13 亿美元的资产。他将 BSOL 的成功归功于 Solana 在稳定币、代币化资产和链上服务方面的实用性，以及质押的吸引力。这种比较强烈表明，对加密 ETF 的需求是高度特定于资产的，投资者青睐提供明确效用或已建立生态系统的资产。

Indeed, while spot Dogecoin funds broadly accumulated about $300 million in trading volumes, this figure is dwarfed by altcoin ETF peers like Hyperliquid ($2.1 billion), Zcash ($1.5 billion), and Chainlink ($680 million). It appears the 'hype' around Dogecoin, while potent in crypto circles, didn't translate into the same institutional investment fervor.

事实上，虽然狗狗币现货基金的交易量总体上累计了约 3 亿美元，但这一数字与 Hyperliquid（21 亿美元）、Zcash（15 亿美元）和 Chainlink（6.8 亿美元）等山寨币 ETF 同行相比相形见绌。围绕狗狗币的“炒作”似乎在加密货币圈中很有效，但并没有转化为同样的机构投资热情。

What's Next for DOGE and Crypto ETFs?

DOGE 和加密 ETF 的下一步是什么？

The closure of BWOW marks the end of one experiment in Dogecoin ETF demand, but it certainly doesn't close the book on the broader debate. The question remains: will crypto brokerage app users eventually migrate to ETF platforms, and can future Dogecoin funds find better traction? Only time, and perhaps a shift in investor sentiment or product design, will tell. For now, it's a reminder that even the most beloved meme coin has to earn its stripes in the often-unpredictable world of traditional finance.

BWOW 的关闭标志着狗狗币 ETF 需求的一项实验的结束，但这肯定不会结束更广泛的争论。问题仍然是：加密经纪应用程序用户最终会迁移到 ETF 平台吗？未来的狗狗币基金能否找到更好的吸引力？只有时间，或许还有投资者情绪或产品设计的转变，才能证明一切。目前，这提醒人们，即使是最受欢迎的模因币也必须在常常难以预测的传统金融世界中赢得一席之地。