Cryptocurrency asset management giant Bitwise submitted a revised spot Dogecoin ETF application on June 26, introducing 'physical' creation and redemption mechanisms for the first time. This adjustment is not just a simple technical update, but a key step towards SEC approval—adopting the same model as the already approved Bitcoin and Ethereum ETFs, indicating that regulators are seriously evaluating the custody and settlement system of Dogecoin.
Bloomberg ETF analyst Eric Balchunas pointed out on platform X:
'Bitwise updates S-1 filing, indicating that the SEC has intervened in the review, and the process is consistent with other approved spot ETFs. The addition of a 'physical' redemption mechanism means that all spot crypto ETFs may adopt this structure.'
Why is 'physical redemption' so important?
Reduce tax friction: Investors can directly exchange Dogecoin for ETF shares, avoiding tax issues with cash settlements
Reduce slippage risk: Compared to futures ETFs, the physical model is closer to real market pricing.
Regulatory attitude softening: The SEC previously only accepted Bitcoin/Ethereum ETFs, but now considers DOGE, releasing positive signals. Balchunas and James Seyffart have raised the approval probability of altcoin ETFs (including DOGE) to '90%+'.
What can DOGE's 'ETF catalyst' bring?
If approved:
Institutional funds pouring in, liquidity surging
Price may replicate the doubling trend after Bitcoin ETF approval
Promote DOGE to break through the historical psychological barrier of $1
If rejected:
Short-term selling pressure intensifies, may retest $0.12 support, but community faith remains, quick rebound possible after a sharp drop
Dogecoin price still hovers around $0.161 (down 2% intraday), DOGE has violently rebounded after testing the key trend line 5 times since 2022. $0.143-$0.127 is the 'unbreakable bottom'; if it holds, a new round of increase is expected. Dogecoin's breakout requires Fed rate cuts + improvement in market liquidity.
The ultimate game between Wall Street and the crypto community—do you dare to bet on DOGE ETF?
