U.S. Dogecoin exchange-traded funds (ETFs) are showing early signs of slowing demand as total traded value (TVT) has fallen to its lowest level since its launch.
SoSoValue data showed that the Dogecoin ETF's TVT fell to only $142,000 on Monday, its lowest level since its launch. This was a big decline from the tip of November, when the funds saw days where trading value exceeded $3.23 million.
Total value traded refers to the overall dollar amount of ETF shares bought and sold over a particular time frame. It serves as a measure of market activity and practical liquidity and indicates the sum of money that has flowed through the funds.
Daily spot ETF net inflows and total net assets. Source: SoSoValue
When in comparison with Dogecoin (DOGE) activity within the broader crypto market, the contrast is stark. Data from CoinGecko showed that DOGE recorded over $1.1 billion in spot trading volume within the last 24 hours and had a market cap of $22.6 billion.
This shows that the underlying asset stays highly liquid, but not through its ETF shells. This discrepancy suggests that traders are accessing DOGE directly through exchanges quite than through traditional market instruments.
Grayscale's Dogecoin ETF debuted in November but fell well wanting initial volume expectations. ETF analyst Eric Balchunas predicted on the time that the ETFs would reach no less than $12 million in volume. However, the ETF only recorded $1.4 million on the primary day.
Bitcoin and Ether dominate ETF trading while alt ETFs lag behind
On December 8, ETF trading activity continued to give attention to Bitcoin (BTC) and Ether (ETH)-based products. According to SoSoValue, Bitcoin ETFs recorded a TVT of $3.1 billion while Ether ETFs recorded $1.3 billion.
Solana (SOL) ETFs recorded a trading value of $22 million, while XRP products recorded a trading value of $21 million. Further down the curve, the recently launched Chainlink ETFs recorded a TVT of $3.1 million on the identical day, while Canary's Litecoin (LTC) ETF reached around $526,000.
The data suggests that ETF capital continues to be overwhelmingly flowing into the 2 largest digital assets, continuing their leadership role as central liquidity centers of regulated crypto exchange-traded products.
In terms of inflows, XRP (XRP) stays strong. On Monday, the XRP ETFs' inflow flow remained unbroken since their launch. Meanwhile, Solana ETFs, whose inflow streak was first broken in November, are on a three-day inflow streak after recording $32 million in outflows on Wednesday.
