{"id":824154,"date":"2025-02-03T13:12:01","date_gmt":"2025-02-03T19:12:01","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/03\/bitwise-files-s-1-for-doge-etf-as-bitcoin-ethereum-funds-see-massive-outflows\/"},"modified":"2025-02-03T13:12:01","modified_gmt":"2025-02-03T19:12:01","slug":"bitwise-files-s-1-for-doge-etf-as-bitcoin-ethereum-funds-see-massive-outflows","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/03\/bitwise-files-s-1-for-doge-etf-as-bitcoin-ethereum-funds-see-massive-outflows\/","title":{"rendered":"Bitwise Files S-1 for DOGE ETF as Bitcoin, Ethereum Funds See Massive Outflows"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div>\n<div id=\"blockquote-block_cbb8ef3ef8510c0a1fc458a08eb0d3d6\">\n<ul>\n<li>Tuttle Capital Management withdrew its filing for 10 leveraged crypto ETFs including controversial memecoin funds after initially proposing products for BONK, TRUMP, and MELANIA tokens.<\/li>\n<li>Bitwise has filed an S-1 registration for a physically-backed Dogecoin ETF under the Securities Act of 1933, marking the first true Spot Dogecoin ETF proposal.<\/li>\n<li>Industry experts have criticised memecoin ETFs as pure speculation, with Morningstar\u2019s Bryan Armour suggesting they belong in casinos rather than stock markets.<\/li>\n<li>Established Bitcoin and Ethereum ETFs experienced significant outflows totalling US$600 million over two days, though US spot Bitcoin ETFs still hold 5.55% of all Bitcoin supply.<\/li>\n<\/ul>\n<\/div>\n<p>Filings for crypto exchange-traded funds (<a href=\"https:\/\/cryptonews.com.au\/category\/etf\/\">ETFs<\/a>) are coming in on an almost daily basis. Earlier this week, Tuttle Capital Management announced their<a href=\"https:\/\/cryptonews.com.au\/news\/etf-issuers-test-waters-of-new-sec-with-memecoin-filings-and-bitcoin-in-kind-redemptions-125997\/\"> filing of 10 leveraged crypto ETFs<\/a>, featuring some well-known coins such as Solana (<a href=\"https:\/\/cryptonews.com.au\/category\/Solana\/\">SOL<\/a>),<a href=\"https:\/\/cryptonews.com.au\/category\/xrp\/\"> XRP<\/a> and Chainlink (<a href=\"https:\/\/cryptonews.com.au\/category\/chainlink\/\">LINK<\/a>), as well as Trump\u2019s memecoin<a href=\"https:\/\/cryptonews.com.au\/category\/trump\/\"> TRUMP<\/a> and the First Lady\u2019s MELANIA.<\/p>\n<p><strong>Related:<\/strong><a href=\"https:\/\/cryptonews.com.au\/news\/etf-issuers-test-waters-of-new-sec-with-memecoin-filings-and-bitcoin-in-kind-redemptions-125997\/\"><strong> <\/strong><strong>ETF Issuers Test Waters of \u201cNew\u201d SEC with Memecoin Filings and Bitcoin In-Kind Redemptions<\/strong><\/a><\/p>\n<p>Interestingly though, Tuttle just issued a statement that it has withdrawn these filings. Bloomberg Senior ETF Analysts Eric Balchunas suggested in a post on X that this may be where the US Securities and Exchange Commission (SEC) \u201cdraws the line\u201d when it comes to what\u2019s acceptable and what not.<\/p>\n<figure>\n<div>\n<blockquote data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Tuttle withdrew the filing for the 2x Melania, Trump etc ETFs. Typically this happens when the regulators call the issuer and are like, &#8216;c&#8217;mon&#8217;. This is why it&#8217;s notable the Trump, Doge filing from Rex *hasn&#8217;t* been withdrawn. Some early signs of where line may be for SEC. <a href=\"https:\/\/t.co\/GAmZQfLrIK\">pic.twitter.com\/GAmZQfLrIK<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1884329949349462132?ref_src=twsrc%5Etfw\">January 28, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2 id=\"h-bitwise-s-dogecoin-s-1-filing\">Bitwise\u2019s Dogecoin S-1 Filing<\/h2>\n<p>And the latest filing for a Dogecoin (<a href=\"https:\/\/cryptonews.com.au\/category\/dogecoin\/\">DOGE<\/a>) ETF is particularly interesting. Bitwise has filed an S-1 for their Bitwise Dogecoin ETF, officially following the trust registration last week.<\/p>\n<figure><\/figure>\n<p>Balchunas said that this is \u201cthe first \u201833 Act (a la $IBIT) doge filing\u201d.<\/p>\n<div id=\"blockquote-block_37a5d18a42e82937a95a8bee393323d0\">\n<p>Rex has one filed under 40 Act but that isn\u2019t the same true blue physically backed structure.<\/p>\n<p><img decoding=\"async\" data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" src=\"https:\/\/cdn.cryptonews.com.au\/2024\/03\/11142005\/EricBalchunas.jpg\">        Eric Balchunas, Bloomberg    <\/p>\n<\/div>\n<p>A filing under the Securities Act of 1933 suggests that the ETF is structured as a traditional securities offering, which means that it aims to hold \u201cphysical\u201d Dogecoin directly.<\/p>\n<p>Compared to this, a filing under the Investment Company Act of 1940 doesn\u2019t have the same physically backed structure, which implies it may not directly hold Dogecoin. Instead, it might invest in derivatives or other securities linked to the performance of Dogecoin.<\/p>\n<h2 id=\"h-memecoin-etfs-similar-to-casino-type-gambling\">Memecoin ETFs Similar to Casino Type Gambling?<\/h2>\n<p>Morningstar executive Bryan Armour told the<a href=\"https:\/\/www.ft.com\/content\/f857ee8c-c2ba-441f-b392-57adec640e15\"> Financial Times<\/a> that he doesn\u2019t \u201cunderstand the use case or the purpose of these ETFs, other than to gamble on whether the price is going up or down\u201d.<\/p>\n<p>The director of passive strategies research for North America said these funds are \u201cmoving away from the purpose of capital markets\u201d.<\/p>\n<div id=\"blockquote-block_b8bfbbb3cbdf9ce9cd165fbb863f82fe\">\n<p>This type of speculative instrument might make more sense in a casino than in a stock market.<\/p>\n<p><img decoding=\"async\" data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" src=\"https:\/\/cdn.cryptonews.com.au\/2025\/01\/29150236\/Bryan-Armour-Morningstar.jpg\">        Bryan Armour, Morningstar    <\/p>\n<\/div>\n<p>Nate Geraci, the president of The ETF Store said that although there are many questionable ETFs already available, \u201cmemecoins would take this to an entirely new level\u201d.<\/p>\n<div id=\"blockquote-block_1273cbec165c3a8860c858b04e2eb5ee\">\n<p>Historically, the vast majority of memecoins trends towards zero, which creates a dilemma for issuers. The optics of offering memecoin ETFs could be detrimental to a firm that wishes to be taken seriously by Wall Street.<\/p>\n<p><img decoding=\"async\" data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" src=\"https:\/\/cdn.cryptonews.com.au\/2024\/09\/09142305\/Nate-Geraci-President-of-The-ETF-Store.jpg\">        Nate Geraci, The ETF Store    <\/p>\n<\/div>\n<h2 id=\"h-serious-etfs-suffer-heavy-outflows\">\u201cSerious\u201d ETFs Suffer Heavy Outflows<\/h2>\n<p>Meanwhile, the \u201cproper\u201d ETFs \u2013 the<a href=\"https:\/\/cryptonews.com.au\/category\/bitcoin\/\"> Bitcoin<\/a> and<a href=\"https:\/\/cryptonews.com.au\/category\/ethereum\/\"> Ethereum<\/a> funds \u2013 have seen a combined US$600 million (AU$963.3 million) in net outflows over the past two days.<\/p>\n<p>Data from Farside Investors for Tuesday isn\u2019t fully available for all ETFs, but data for Monday<a href=\"https:\/\/farside.co.uk\/btc\/\"> shows<\/a> that despite IBIT\u2019s US$63.9 million (AU$102.5 million) net inflows, several funds experienced net outflows, bringing the total flows into negative territory.<\/p>\n<p><strong>Related:<\/strong><a href=\"https:\/\/cryptonews.com.au\/news\/chinas-cut-price-ai-model-shocks-global-markets-coincides-with-boost-to-chinese-shares-125989\/\"><strong> <\/strong><strong>China\u2019s Cut-Price AI Model Shocks Global Markets, Coincides With Boost to Chinese Shares<\/strong><\/a><\/p>\n<p>Fidelity\u2019s FBTC and Grayscale\u2019s GTBC suffered the most, with net outflows of US$268.6 million (AU$431.3 million) and US$108.5 million (AU$174.1 million) respectively.<\/p>\n<p>Ethereum ETFs fared slightly<a href=\"https:\/\/farside.co.uk\/eth\/\"> better<\/a> with <em>only<\/em> US$136.2 million (AU$218.4 million) in net outflows, with Grayscale\u2019s ETHE seeing the largest single-day net outflows at US$84.2 million (AU$135.1 million).<\/p>\n<p>All the US Spot Bitcoin ETFs combined now hold 5.55% of all BTC with 1.165 million of the coin.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfzmCe_8jrLuj0MbemOYaTXXFiiS7_2wL1Dj9CrxO4PNEj_440GgIPJVWIqTsFAWnWyL7KnRi6_-A_5lWHfGr39hA1oiouypmyOKbtu3M2AzqKmA84cVWPfLccLinI2Xc5M-dL_bg?key=xapxbCVSOkRuSeIxNVc7WhGQ\" alt data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><figcaption>Bitcoin holdings by ETF, source: Bitcoin Treasuries by BiTBO\/highcarts.com<\/figcaption><\/figure>\n<\/p><\/div>\n<p> Aaron Feuerstein <a href=\"https:\/\/cryptonews.com.au\/news\/bitwise-files-s-1-for-doge-etf-as-bitcoin-ethereum-funds-see-massive-outflows-126018\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tuttle Capital Management withdrew its filing for 10 leveraged crypto ETFs including controversial memecoin funds after initially proposing products for BONK, TRUMP, and MELANIA tokens. Bitwise has filed an S-1 registration for a physically-backed Dogecoin ETF under the Securities Act of 1933, marking the first true Spot Dogecoin ETF proposal. Industry experts have criticised memecoin<\/p>\n","protected":false},"author":1,"featured_media":824155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[91696,1474],"tags":[11476],"class_list":{"0":"post-824154","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitwise","8":"category-files","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/824154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=824154"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/824154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/824155"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=824154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=824154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=824154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}