Dogecoin’s try to hitch the institutional ETF lineup is working right into a primary downside: 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 to this point, an consequence they tied to who sometimes 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 mentioned his working 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, appears to be like 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 supplied of that hole so far. 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 actual trustworthy reply is like nothing actually stands out to me […] truthfully if I’ve to select one factor that form of stands out, it’s in all probability that the Doge ETFs have gotten virtually no curiosity in anyway,” he mentioned. He added that whereas some newer altcoin merchandise have accomplished “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 subsequenthttps://t.co/2TzJAnKXuKby way of @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 straight, moderately than by 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 mentioned. “However perhaps I’m incorrect. I’ve been incorrect 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 perhaps they might get to some extent the place they’re barely worthwhile.”
Seyffart pointed to Bitwise’s product—ticker BWOW—as an early scoreboard: “it’s underneath 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, usually, these are degens and so they already know how you can entry this. They have already got digital wallets. They don’t want an ETF to entry this […]. And I feel 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 a further 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 danger,” Geraci mentioned. “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 shopper assertion […] it’s like a flashing pink 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 mentioned he’s most enthusiastic about basket and index-style crypto ETFs, partially as a result of advisers don’t wish to “decide these winners and losers” throughout a rising lengthy tail of property. 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 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, in opposition to meme property like DOGE, which he implied could also be much less “appetizing” for ETF patrons.
At press time, DOGE traded at $0.12479.
Featured picture created with DALL.E, chart from TradingView.com
