Dogecoin’s try to hitch the institutional ETF lineup is operating right into a primary drawback: 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 end result they tied to who sometimes buys DOGE, and the way monetary advisers take into consideration reputational threat inside consumer 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, revenue overlays, buffers, and multi-asset buildings. The surge, he argued, appears 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 so far. 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.
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“The true trustworthy reply is like nothing actually stands out to me […] truthfully if I’ve to select one factor that type of stands out, it’s most likely that the Doge ETFs have gotten nearly no curiosity in any respect,” he stated. He added that whereas some newer altcoin merchandise have completed “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
-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 doubtless already has the tooling and behavior set to purchase it straight, moderately than by means of an ETF wrapper.
“I keep in mind speaking to the blokes at Bitwise. I used to be like, I don’t assume anybody’s going to purchase this,” Seyffart stated. “However perhaps I’m unsuitable. I’ve been unsuitable 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 perhaps 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 underneath 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, typically, these are degens and so they already know the right way 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 are a lot additional down the market cap spectrum.”
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Geraci argued Dogecoin faces a further 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 consumer assertion threat,” Geraci stated. “So monetary advisors, they’re the most important driver of ETF flows. And so let’s take Dogecoin for example […] For those who’re a monetary adviser and you’ve got a Dogecoin ETF present up on a consumer assertion […] it’s like a flashing crimson 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 stated he’s most enthusiastic about basket and index-style crypto ETFs, partially as a result of advisers don’t need to “choose these winners and losers” throughout a rising lengthy tail of belongings. In Geraci’s view, a basket is the “straightforward button” for professional allocators who need crypto publicity with out underwriting every token’s story or defending it to purchasers.
Seyffart additionally steered “what the precise chain is doing” can form adviser urge for food, contrasting area of interest infrastructure performs corresponding 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
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