Dogecoin’s try to affix the institutional ETF lineup is operating right into a primary downside: establishments could 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 be the President of NovaDius Wealth Administration stated spot Dogecoin ETFs have attracted “close to zero” demand to this point, an consequence they tied to who usually buys DOGE, and the way monetary advisers take into consideration reputational danger inside shopper portfolios.
The Dogecoin datapoint landed inside a broader dialogue a couple of crowded crypto ETF pipeline. Seyffart stated 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 buildings. The surge, he argued, seems like issuers “throw[ing] the spaghetti on the wall” in 2026.
Dogecoin ETF Actuality Examine
However quantity of filings doesn’t assure demand, and Dogecoin is the clearest instance provided of that hole to this point. Pressed on which current merchandise stood out, Seyffart stated “nothing actually stands out,” earlier than singling out Dogecoin because the exception, exactly as a result of it has not resonated.
Associated Studying
“The true sincere reply is like nothing actually stands out to me […] actually if I’ve to choose one factor that type of stands out, it’s most likely that the Doge ETFs have gotten virtually no curiosity in any way,” he stated. He added that whereas some newer altcoin merchandise have achieved “decently nicely,” Dogecoin has not.
My dialog w/ @JSeyff on present state of crypto ETFs…
We talk about:
-Crypto ETF sentiment
-150+ crypto-related ETF filings
-Morgan Stanley crypto ETFs
-BlackRock’s subsequent transfer
-Index & energetic crypto ETFs
-Current flows
-What’s nexthttps://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 seemingly already has the tooling and behavior set to purchase it immediately, relatively than by way of an ETF wrapper.
“I bear in mind speaking to the fellows at Bitwise. I used to be like, I don’t suppose anybody’s going to purchase this,” Seyffart stated. “However possibly I’m fallacious. I’ve been fallacious loads of instances earlier than. However I imply, actually nobody has purchased just like the Doge ETFs […] I had fairly low expectations, however I believed possibly they might get to a degree the place they’re barely worthwhile.”
Seyffart pointed to Bitwise’s product—ticker BWOW—as an early scoreboard: “it’s below 1,000,000 in belongings proper now,” he stated, 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 rationalization was blunter: ”The individuals who purchase that, generally, these are degens and so they already know learn how to 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 quite a lot of these different cash which can be a lot additional down the market cap spectrum.”
Associated Studying
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 facet right here […] is what I name shopper assertion danger,” Geraci stated. “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 purple mild saying, ‘Please hearth me and go discover one other adviser.’”
That framing issues as a result of the episode repeatedly returned to distribution realities. Seyffart stated he’s most enthusiastic about basket and index-style crypto ETFs, partly as a result of advisers don’t wish to “decide these winners and losers” throughout a rising lengthy tail of belongings. 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 advised “what the precise chain is doing” can form adviser urge for food, contrasting area of interest infrastructure performs akin to Chainlink, which he described as connecting DeFi and TradFi, towards meme belongings 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