Key Takeaways
- Grayscale’s new Dogecoin ETF launched with zero net flows and muted trading.
- Bitcoin ETFs continued their multi-week outflow streak.
- XRP, Solana, and Ethereum spot ETFs saw fresh inflows, reversing Friday’s broader crypto slump.
Dogecoin’s long-awaited Wall Street debut arrived—and barely made a sound.
Grayscale’s GDOG, the first U.S. spot Dogecoin (DOGE) exchange-traded fund (ETF), opened trading on Nov. 24 on NYSE Arca to what can only be described as a subdued reception.
The new fund posted zero net inflows on launch day and generated just $1.41 million in trading volume—far short of early expectations that hovered near $12 million.
The flat debut stood in sharp contrast to the rest of the altcoin ETF sector, which is showing real signs of life again just as the market attempts a recovery.
With Bitcoin (BTC) still struggling under the pressure of weeks of ETF outflows, investors appear increasingly willing to rotate into “second-tier” majors.
And on Monday, that shift became impossible to ignore.
Bitcoin ETF Outflows Resume Despite Price Bounce
Spot Bitcoin ETFs continued to bleed, logging $151 million in net outflows Monday, erasing Friday’s brief $203 million rebound.
BlackRock’s dominant IBIT fund took the hardest hit with $149 million in outflows.
Bitwise and Ark Invest also saw red. The only bright spot was Fidelity’s FBTC, which managed $15.49 million in inflows.
This came even as Bitcoin climbed off yearly lows of $80,000, closing near $88,800 at Monday’s U.S. market close.
But institutional sentiment remains mixed, and ETF investors are still withdrawing capital after nearly $3 billion in combined BTC ETF outflows since early November.
Altcoin ETFs Take the Lead
While the broader crypto market grappled with outflows, altcoin-focused spot ETFs bucked the trend on Nov. 24, registering fresh inflows across Ethereum, Solana, and XRP products.
XRP ETFs Surge Ahead of the Pack
If there was a single standout Monday, it was XRP.
Spot XRP ETFs pulled in $164 million—their largest daily inflow to date and the seventh straight day of gains.
All four issuers (Bitwise, Canary, Grayscale, and Franklin Templeton) saw net-positive activity, with Grayscale’s GXRP and Franklin’s XRPZ leading at over $60 million each.
XRP closed the day around $2.10 after bouncing off $1.96 support.
Ethereum ETFs Recover After a Brutal Two Weeks
Ethereum, which had endured eight straight days of outflows, finally turned green again.
Monday saw $96.67 million in ETH ETF inflows, led by BlackRock’s ETHA with $92.6 million. ETH closed the day near $2,830 as the market stabilized.
Although ETH is still far below the highs of earlier this year, two consecutive inflow days suggest institutions are cautiously stepping back in.
Solana Extends Its Hot Streak to 20 Days
Solana’s ETF momentum continues to defy the broader market.
Spot SOL ETFs attracted $57.79 million on Monday, marking 20 consecutive inflow days—a record streak for any altcoin ETF to date.
Bitwise’s BSOL led with $39.7 million, while Fidelity’s FSOL added $9.7 million.
SOL closed just above $137 after recovering from weekend lows under $130.
Despite strong ETF flows, SOL remains down roughly 20% this month.
Dogecoin and Litecoin ETFs Remain Flat
Even with its day-one hype, the Dogecoin ETF posted no flows whatsoever, and neither did the spot Litecoin ETF.
It’s possible GDOG will follow a similar trajectory to early Solana ETF activity, which started quietly before surging. But for now, appetite appears limited.
Dogecoin’s underlying asset closed Monday near $0.146, little changed from pre-launch levels.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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