Dogecoin’s try to hitch the institutional ETF lineup is operating right into a fundamental drawback: establishments might not need it. In a Jan. 22 dialog on the Crypto Prime podcast, Bloomberg Intelligence ETF analyst James Seyffart and host Nate Geraci who can also be the President of NovaDius Wealth Administration mentioned spot Dogecoin ETFs have attracted “close to zero” demand up to now, an final result they tied to who usually buys DOGE, and the way monetary advisers take into consideration reputational threat inside shopper portfolios.
The Dogecoin datapoint landed inside a broader dialogue a couple of crowded crypto ETF pipeline. Seyffart mentioned his operating tally of crypto ETF filings has climbed “over 150 unquestionably,” with many merchandise spanning spot and derivatives, earnings overlays, buffers, and multi-asset constructions. The surge, he argued, appears to be like like issuers “throw[ing] the spaghetti on the wall” in 2026.
Dogecoin ETF Actuality Verify
However quantity of filings doesn’t assure demand, and Dogecoin is the clearest instance supplied of that hole up to now. Pressed on which present merchandise stood out, Seyffart mentioned “nothing actually stands out,” earlier than singling out Dogecoin because the exception, exactly as a result of it has not resonated.
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“The true trustworthy reply is like nothing actually stands out to me […] truthfully if I’ve to choose one factor that sort of stands out, it’s in all probability that the Doge ETFs have gotten nearly no curiosity in any way,” he mentioned. He added that whereas some newer altcoin merchandise have executed “decently properly,” Dogecoin has not.
My dialog w/ @JSeyff on present state of crypto ETFs…
We focus on:
-Crypto ETF sentiment
-150+ crypto-related ETF filings
-Morgan Stanley crypto ETFs
-BlackRock’s subsequent transfer
-Index & lively crypto ETFs
-Latest flows
-What’s subsequenthttps://t.co/2TzJAnKXuKthrough @CryptoPrimePod pic.twitter.com/mtDuuDirB7
— Nate Geraci (@NateGeraci) January 22, 2026
Seyffart and Geraci converged on a requirement thesis: the marginal purchaser of DOGE probably already has the tooling and behavior set to purchase it immediately, reasonably than by an ETF wrapper.
“I keep in mind speaking to the fellows at Bitwise. I used to be like, I don’t suppose anybody’s going to purchase this,” Seyffart mentioned. “However possibly I’m flawed. I’ve been flawed loads of instances earlier than. However I imply, actually nobody has purchased just like the Doge ETFs […] I had fairly low expectations, however I assumed possibly they may get to a degree the place they’re barely worthwhile.”
Seyffart pointed to Bitwise’s product—ticker BWOW—as an early scoreboard: “it’s beneath one million in property proper now,” he mentioned, calling that “close to zero demand.” He cautioned the funds are nonetheless new, noting the Bitwise product launched on the finish of November, however framed the preliminary traction as “very minuscule.”
Geraci’s clarification was blunter: ”The individuals who purchase that, normally, these are degens they usually already know entry this. They have already got digital wallets. They don’t want an ETF to entry this […]. And I believe that’s going to be a variety of these different cash which can be a lot additional down the market cap spectrum.”
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Geraci argued Dogecoin faces an extra headwind that doesn’t present up in crypto-native narratives however issues within the ETF market: advisers.
“The opposite side right here […] is what I name shopper assertion threat,” Geraci mentioned. “So monetary advisors, they’re the largest driver of ETF flows. And so let’s take Dogecoin for instance […] In case you’re a monetary adviser and you’ve got a Dogecoin ETF present up on a shopper assertion […] it’s like a flashing pink mild saying, ‘Please fireplace me and go discover one other adviser.’”
That framing issues as a result of the episode repeatedly returned to distribution realities. Seyffart mentioned he’s most enthusiastic about basket and index-style crypto ETFs, partially as a result of advisers don’t wish to “choose these winners and losers” throughout a rising lengthy tail of property. In Geraci’s view, a basket is the “simple button” for skilled allocators who need crypto publicity with out underwriting every token’s story or defending it to purchasers.
Seyffart additionally instructed “what the precise chain is doing” can form adviser urge for food, contrasting area of interest infrastructure performs resembling Chainlink, which he described as connecting DeFi and TradFi, towards meme property like DOGE, which he implied could also be much less “appetizing” for ETF consumers.
At press time, DOGE traded at $0.12479.
Featured picture created with DALL.E, chart from TradingView.com
