GDOG’s debut coincides with heavy outflows from Bitcoin ETFs in the previous week, adding pressure to the market.
- Grayscale’s Dogecoin ETF (GDOG) officially launched on the NYSE Arca on Monday.
- Dogecoin’s price remains well below its all-time high of approximately $0.73 set in 2021.
- Bloomberg ETF specialist Eric Balchunas said GDOG will have only a short spotlight before Bitwise launches its Dogecoin ETF (BWOW) on Wednesday.
Grayscale’s Dogecoin ETF (GDOG) went live on the NYSE Arca on Monday and opened rocky amid weakness in the broader crypto market.
Eric Balchunas, a Bloomberg ETF specialist, predicted on Monday that GDOG will likely have a brief spotlight before Bitwise launches its own Dogecoin ETF (BWOW) on Wednesday under the ticker. “It’s encouraging to see multiple issuers gain their moment in the market. Grayscale has been a pioneer, pushing the industry toward this milestone for years,” Balchunas wrote in a post on X.
He estimates that the ETF will see $12 million in volume on the first day. GDOG’s price was up 4.5% in afternoon trade as the crypto market climbed 2.3% in the last 24 hours after President Donald Trump’s description of his phone call with Chinese President Xi Jinping cheered markets. Data from SoSoValue showed a daily volume of shares exceeding 27,000.
GDOG’s debut coincides with heavy outflows from Bitcoin ETFs in the previous week, adding pressure to the market. Grayscale confirmed that GDOG carries a standard fee of 35 basis points (bps). However, the fee will be waived for the first $1 billion in assets or for the first three months, whichever comes first.
Tough Crypto Market
The launch follows a challenging week for the crypto sector. Bitcoin (BTC) dropped below $81,000 on Friday before rebounding, and on Monday, it was hovering near $88,000 after rising 1.4% in the last 24 hours.
Dogecoin’s price was up 4.4% in the last 24 hours. On Stocktwits, retail sentiment around the meme token dipped to ‘bearish’ from ‘neutral’ over the past day, while chatter remained at ‘normal’ levels. Dogecoin was trading at around $0.15, well below its all-time high of approximately $0.73 set in 2021.
Read also: Bitcoin Holds $86,000 With Crypto Market Back Above $3 Trillion – XRP, Doge Gain Ahead Of Grayscale’s New ETF Launches
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