The cryptocurrency market recorded a significant contraction of 2.0% on October 31, 2025, reducing global market capitalization to $3.69 trillion. Projects linked to artificial intelligence were the most affected, while Ethereum lost the psychological support level of $3,900, raising concerns about potential mass liquidations due to high leverage in the market.
The Countdown to a Dogecoin ETF Begins
In a significant move, Bitwise Asset Management has filed a Form 8-A for its spot Dogecoin ETF, invoking a provision that could lead to an automatic approval. This filing starts a 20-day countdown, meaning the fund could go live by the end of November 2025 if the SEC does not intervene.
This isn’t a speculative application; it’s a final step in the process following Bitwise’s earlier S-1 registration. The proposed ETF, with the ticker BWOW, is planned for listing on the NYSE Arca. Bitwise has demonstrated its commitment by securing $2.5 million in seed capital and has outlined a plan to waive management fees for the first month and the first $500 million in assets to attract early investors.
This development is part of a broader institutional push, with Grayscale also amending its own spot DOGE ETF filing and initiating a similar countdown period.
A Market at a Crossroads: ETF Hope vs. Technical Reality
The promising ETF news arrives as Dogecoin’s price action paints a bearish picture, creating a tense and potentially opportunistic environment for traders.
Despite the positive catalyst, DOGE’s price has been under pressure. The token fell 2.4% in a recent 24-hour session, breaking below the $0.167 support level amid heavy sell-offs by large holders, often called “whales”. On-chain data recorded over 1 billion DOGE (approximately $440 million) moved by these whale wallets in a 72-hour period, marking the heaviest distribution week since early October.
However, several signals suggest the market may be finding a bottom. The 30-day Market Value to Realized Value (MVRV) ratio stands at -13.26%, indicating that investors who bought DOGE in the last month are at an unrealized loss. Historically, such levels have coincided with oversold conditions and potential bounce-backs. Furthermore, wallets holding 100 million to 1 billion DOGE have increased their collective stake, suggesting accumulation at these lower price levels.
The Technical Path Forward for DOGE
For traders, the key technical levels are now clearly defined as the ETF catalyst looms.
The immediate and crucial support zone to watch is between $0.1575 and $0.1615. A successful defense of this area is vital for maintaining bullish prospects. On the 4-hour chart, analysts are observing a potential double-bottom pattern, a classic reversal signal, which would be confirmed by a decisive close above the $0.16886 neckline.
If buyers can reclaim this level, the first significant upside target would be the $0.172–$0.180 range . Momentum indicators like the RSI and MACD are showing early signs of buyer interest, with the RSI recovering from near-oversold territory and the MACD flattening, suggesting downside momentum is decelerating.
A Landmark Moment for Meme Coins
The potential approval of a spot Dogecoin ETF would be a landmark event for the entire cryptocurrency market, representing the first time a meme-based digital asset achieves the status of a regulated investment product in the United States.
Bitwise has consistently argued that Dogecoin’s deep liquidity, large community, and substantial daily trading volume make it a suitable candidate for an ETF. The progress of the BWOW ETF underscores how meme coins, once considered a niche, are now being seriously evaluated by institutional asset managers.
The coming weeks will be decisive. The market is now watching for any sign of SEC intervention ahead of the November 12 deadline. If the regulator remains passive, the first-ever Dogecoin ETF could begin trading, potentially unlocking a new wave of institutional and retail demand for the original meme coin.
