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

狗狗币 ETF 竞赛白热化：市场犹豫不决，Bitwise 关注批准

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.

狗狗币 ETF 格局变得越来越有趣！ Bitwise 正在努力推出其狗狗币 ETF (BWOW)，而市场对 Grayscale 的 GDOG 的最初反应却有点小睡。让我们深入了解狗狗币 ETF 领域正在发生的事情。

Bitwise Inches Closer to Dogecoin ETF Approval

Bitwise 距离狗狗币 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 正在推进其狗狗币 ETF BWOW。他们已确认注册声明正在接受 SEC 的审查。当然，在美国证券交易委员会竖起大拇指之前他们不能开始推广它，但它正在接受审查这一事实是一大进步。

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 获得批准，它可能会向更广泛的投资者开放狗狗币，特别是寻求受监管方式参与模因币活动的机构参与者。这也表明 Bitwise 正在积极进军数字资产 ETF 市场，考虑到他们刚刚推出了现货 XRP ETF。 Bitwise ETF 刚刚迎来 3950 万美元的流入，这是自推出以来的最高流入量。

Market Hesitation: GDOG's Muted Debut

市场犹豫：GDOG 低调亮相

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 的狗狗币 ETF (GDOG) 于 11 月 24 日开始交易，但并没有引起全世界的关注。事实上，它在推出之日就没有任何资金流入。零。没什么。这引发了人们对狗狗币 ETF 的需求是否像一些人想象的那么大的疑问。彭博社分析师预测，狗狗币 ETF 交易量在首日交易时可能会达到 1200 万美元，但实际交易量却比这一数字低了近 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.

最初缺乏兴趣可能是由于几个因素造成的。其一，狗狗币已经在 Robinhood 等平台上广泛使用。相比之下，GDOG 提供了纯粹的社会情绪暴露。它是一种“普通”现货产品，拥有 Robinhood 等零售平台上已经无处不在的资产。如果没有“准入溢价”或收益成分，机构配置者的价值主张就很薄弱。

Bitwise's Strategic Move

Bitwise 的战略举措

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 在没有延迟修改的情况下重新提交了 S-1 申请，启动了 20 天的审核窗口。彭博 ETF 分析师 Eric Balchunas 表示，如果 SEC 不干预，此举可能会让 BWOW 备案在 2025 年 11 月 26 日生效。

Dogecoin's Technical Outlook

狗狗币的技术展望

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，狗狗币的交易价格位于 0.13 美元至 0.14 美元之间的支撑区域之上。突破 0.16 美元上方可能目标为 0.18 美元。如果未能守住支撑，则可能跌至 0.12 美元。密切关注这些水平！

The Future of Dogecoin ETFs: A Personal Take

狗狗币 ETF 的未来：个人看法

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.

这是我的两枚总督美分（看看我在那里做了什么？）。虽然 GDOG 最初的表现并不出色，但现在还处于早期阶段。市场需要时间来消化这些新产品。 Bitwise 的 BWOW 如果获得批准，可以通过提供不同的方法或吸引不同类型的投资者来改变游戏规则。我认为，大基金通过 XRPZ 等产品对支付方式感到满意，他们的下一个本能是进一步关注新兴基础设施领域的风险曲线。富兰克林邓普顿的加密货币指数 ETF 将至少从 2025 年 12 月 1 日开始通过一系列新的数字资产扩大其投资组合。

Wrapping Up

总结

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?

狗狗币 ETF 的传奇还远没有结束。随着 Bitwise 努力争取批准，并且市场仍在摸索对 GDOG 的感受，还有更多的事情即将发生。因此，拿起你的爆米花，密切关注这些交易量，为加密 ETF 狂野世界的新篇章做好准备！谁放走了DOGE？