The U.S. spot Dogecoin exchange-traded fund (ETF) is showing clear signs of cooling demand, with its total trading value (TVT) dropping to the lowest level since its launch.

SoSoValue data shows that on Monday, the TVT of the Dogecoin ETF was only $142,000, marking the lowest record since its inception. This represents a significant decline compared to the end of November when these funds had a single-day trading value exceeding $3.23 million.

Total trading value represents the total dollar amount of ETF shares bought and sold over a specific period. This metric serves as an important measure of market activity and actual liquidity, intuitively reflecting the scale of funds flowing through these funds.

In contrast to the Dogecoin activity in the broader cryptocurrency market, this comparison is particularly striking. According to CoinGecko, DOGE recorded over $1.1 billion in spot trading volume in the past 24 hours, with a market capitalization of $22.6 billion.

This indicates that the underlying asset remains highly liquid, but not through its ETF packaging. This discrepancy suggests that traders prefer to access DOGE directly through exchanges rather than through traditional market instruments.

Grayscale's Dogecoin ETF debuted in November but has performed far below initial expectations. ETF analyst Eric Balchunas had predicted at the time that these ETFs would achieve at least $12 million in trading volume. However, the ETF only achieved $1.4 million in trading volume on its first day.

Data from December 8 shows that ETF trading activity remains highly concentrated in BTC and ETH products. According to SoSoValue statistics, the Bitcoin ETF recorded a TVT of $3.1 billion, while the Ethereum ETF recorded $1.3 billion.

The Solana (SOL) ETF trading value was $22 million, and the XRP product trading value reached $21 million. The lower-ranked products include the recently launched Chainlink ETF, which recorded a TVT of $3.1 million on that day, while Canary's Litecoin (LTC) ETF had about $526,000.

These data clearly indicate that ETF funds continue to flow primarily into the two major digital assets, reinforcing their leadership as core liquidity centers for regulated cryptocurrency exchange-traded products.

In terms of fund inflows, XRP has performed strongly. Data from Monday shows that the XRP ETF has maintained a continuous inflow of funds since its launch. Meanwhile, the Solana ETF, which broke its inflow continuity for the first time in November, has now resumed three days of consecutive inflows after experiencing a $32 million outflow on Wednesday.

Related: New ETF proposals bet on Bitcoin gains primarily occurring after hours

Original article: “Dogecoin (DOGE) ETF Loses Appeal as Bitcoin (BTC) and Ethereum (ETH) Dominate Market Landscape”

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