Bitwise CEO Horsley admitted at an event in Singapore that the Dogecoin spot ETF was a failed market experiment. Did some digging and found that the performance of dogecoin:native spot ETFs is indeed pretty dismal— Bitwise's BWOW has been listed for almost a year, but its assets under management are only around $726,000, with a trading volume of just about $51,500 in September. It’s set to cease trading on October 14. The others aren’t doing much better either— In the U.S. market, the 3 DOGE ETFs tracked have seen a cumulative net inflow of just over $12 million in nearly 10 months. Out of 199 trading days, 166 days had zero net inflows—that’s 83%. The real holders of altcoins are Crypto-native users, and Crypto-native users don’t need ETFs at all; Meanwhile, traditional funds that need ETFs don’t want to hold these coins. The fate of the dozens of other altcoin ETFs coming up will likely be the same—most won’t last a year before shutting down.