The first US Exchange-Traded Fund that was tied to Dogecoin rose from the port on 18 September and registered nearly $ 6 million in Trade Volume during opening hours, a strong show for a new crypto-linked product.
According to Bloomberg Data, the Rex-Esprey Doge ETF, mentioned under the Ticker Doje, reached a turnover of $ 5.8 million for noon. For comparison: most ETFs usually see less than $ 1 million in volume during their debut.
Bloomberg analyst Eric Balchunas, who had set an informal “more than/under” for the launch at $ 2.5 million, said that the result “destroyed” expectations.
From the moment of the press, Dogecoin traded at $ 0.281, an increase of 4.45% after giving up part of the profit of the day.
The debut contributes to a wave of Cryptoetfs that enter the market, because issuers try to take advantage of the demand for investors for digital assets in regulated formats.
In contrast to previous place Bitcoin ETFs launched under the 1933 Securities Act, $ Doje was registered under the 1940 Investment Company Act, some of which could have moistened the enthusiasm. However, the first trade suggested a strong retail interest.
In a sign of continuous expansion, Rex shares submitted paperwork on the same day for a “Doje Growth and Income ETF”, while Fund Group Tidal Financial Requests for Leveraged Crypto Index ETFs in collaboration with Quantify Chaos.
The new files include 2x leverage funds aimed at Altcoins, one exclusive only bitcoin and the other exclusively both Bitcoin and Ethereum. These funds are Designed to capture so-called “alt seasons” when smaller tokens perform better.
The crowds of products illustrates Wall Street’s deepening of crypto despite recent volatility.
It is still to be seen whether Doje can sustain his early momentum, but the opening session has put it firmly on the map in an ETF market that has seen dozens of matte launchings.
