The Dogecoin data point came into a broader discussion about a crowded crypto ETF pipeline. Seyffart said its running number of crypto ETF registrations has “without a doubt risen above 150,” with many products spanning spot and derivatives, income overlays, buffers and multi-asset structures. The increase, he argued, looks like a “throw” by the issuers[ing] the spaghetti on the wall” in 2026.
Dogecoin ETF reality check
But the volume of signups doesn’t guarantee demand, and Dogecoin is the clearest example of that gap yet. Asked which existing products stood out, Seyffart said that “nothing really stands out,” before citing Dogecoin as an exception precisely because it didn’t resonate.
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“The real honest answer is that nothing really stands out to me […] Honestly, if I had to pick something that stands out, it’s probably that the Doge ETFs have received virtually no interest at all,” he said, adding that while some newer altcoin products have done “pretty well,” Dogecoin hasn’t.
My conversation with @JSeyff on the current state of crypto ETFs…
We discuss:
-Crypto ETF sentiment
-150+ crypto-related ETF registrations
-Morgan Stanley crypto ETFs
-BlackRock’s next move
-Index and active crypto ETFs
-Recent flows
-What’s nexthttps://t.co/2TzJAnKXuKvia @CryptoPrimePod pic.twitter.com/mtDuuDirB7
— Nate Geraci (@NateGeraci) January 22, 2026
Seyffart and Geraci came up with a question: the marginal buyer of DOGE likely already has the resources and habit to buy it outright, rather than through an ETF wrapper.
“I remember talking to the guys at Bitwise. I was like, I don’t think anyone is going to buy this,” Seyffart said. “But maybe I’m wrong. I’ve been wrong before. But I mean, literally no one has bought like the Doge ETFs […] “I had pretty low expectations, but I thought maybe they could get to a point where they could be somewhat profitable.”
Seyffart pointed to Bitwise’s product — ticker BWOW — as an early leaderboard: “There’s less than a million in assets right now,” he said, calling that “almost no demand.” He cautioned that the funds are still new and noted that the Bitwise product launched in late November, but described initial traction as “very minuscule.”
Geraci’s explanation was more blunt: “The people who buy that are generally swords and they already know how to access this. They already have digital wallets. They don’t need an ETF to access this.” […]. And I think that will be a lot of these other coins that are much further along the market cap spectrum.”
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Geraci argued that Dogecoin faces additional headwinds that aren’t reflected in crypto-native narratives but are important in the ETF market: advisors.
“The other aspect here […] is what I call customer statement risk,” Geraci said. ‘Financial advisors are therefore the biggest driver of ETF flows. And let’s take Dogecoin as an example […] If you are a financial advisor and a Dogecoin ETF is on a client statement […] it’s like a flashing red light that says, “Please fire me and find another advisor.”
That framing is important because the episode repeatedly returned to distribution reality. Seyffart said he’s most excited about basket and index-style crypto ETFs, in part because advisors don’t want to “pick the winners and losers” from a growing long line of assets. According to Geraci, a basket is the “easy button” for professional allocators who want crypto exposure without endorsing each token’s story or defending it to clients.
Seyffart also suggested that “what the actual chain does” may influence advisor appetite, contrasting niche infrastructure projects like Chainlink, which he described as connecting DeFi and TradFi, with meme assets like DOGE, which he suggested could be less “palatable” to ETF buyers.
At the time of writing, DOGE was trading at $0.12479.
Featured image created with DALL.E, chart from TradingView.com
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