Dogecoin’s U.S. spot Exchange Traded Funds (ETFs) are showing early signs of cooling demand as total value traded (TVT) fell to its lowest level since launch.
SoSoValue data showed that on Monday, the TVT of the Dogecoin ETFs dropped to just $142,000, the lowest level since their launch. This marked a keen turnaround from overdue November, when the funds had days in which trades exceeded $3.23 million.
Total volume refers to the total dollar amount of ETF shares bought and sold during a given period. It serves as a measure of market activity and practical liquidity, indicating the amount of money that has moved through the funds.
The contrast is stark compared to Dogecoin (DOGE) activity in the broader cryptocurrency market. CoinGecko data showed that in the last 24 hours, DOGE recorded over $1.1 billion in spot trading volume and had a market capitalization of $22.6 billion.
This shows that the underlying remains highly liquid, but not through the ETF wrapper. This discrepancy suggests that investors are accessing DOGE directly through exchanges rather than time-honored market tools.
Grayscale’s Dogecoin ETF debuted in November, but its size fell well low of initial expectations. ETF analyst Eric Balchunas predicted at the time that ETF volume would reach at least $12 million. However, the ETF made just $1.4 million on its first day.
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Bitcoin and Ether dominate ETF trading, while alt-ETFs lag behind
On December 8, ETF trading activity remained focuses on Bitcoin (BTC) and Ether (ETH)-based products. According to SoSoValue, Bitcoin ETFs recorded $3.1 billion in TVT, while Ether ETFs recorded $1.3 billion.
The trading volume for the Solana ETFs (SOL) was $22 million, while the trading volume for the XRP products was $21 million. Further down the curve, the recently launched Chainlink ETFs saw a TVT of $3.1 million on the same day, while Canary’s Litecoin ETF (LTC) hit around $526,000.
The data suggests that ETF capital continues to flow overwhelmingly into the two largest digital assets, continuing their leading role as primary liquidity hubs for regulated exchange-traded products.
In terms of inflows, XRP (XRP) remains sturdy. Monday saw a streak of inflows for XRP ETFs remained continuously since its premiere. Meanwhile, the Solana ETFs, which first snapped an inflow streak in November, are on a three-day inflow streak after recording outflows of $32 million on Wednesday.
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