- Bitwise updates its spot Dogecoin ETF filing under Section 8(a), allowing the fund to become automatically effective after 20 days unless the SEC intervene.
- Dogecoin price correction challenges the key support trendline of the rising channel pattern at $0.16.
- A declining trendline in open interest tied to DOGE futures indicates a lack of speculative force to support a bullish rebound.
DOGE, the largest meme cryptocurrency by market cap, slipped 3.5% during U.S. market hours on Thursday. The pullback aligns with the broader market downtick as yesterday’s relief rally likely recouped bearish momentum. While the risk of prolonged correction persists, the Dogecoin price could seek suitable support in the near future, as asset manager Bitwise submits an updated filing for its spot Dogecoin ETF under Section 8(a), signaling a potential launch in late November.
Bitwise Moves Ahead with Spot Dogecoin ETF Using Section 8(a) Filing
Bitwise has taken a step closer to bringing the world a spot Dogecoin ETF with a new filing stating that the registration will automatically become effective under Section 8(a) of the Securities Act of 1933. The move, which was noted by Bloomberg analyst Eric Balchunas, is indicative of the firm’s desire to allow the fund to become effective after the 20-day grace period unless the SEC intervenes.
The filing, on November 6, 2025, names the product as the Bitwise Dogecoin ETF and is the most recent example of issuers taking advantage of the auto-effective route in the midst of the ongoing government shutdown. The process enables registration statements to occur on schedule despite the limited capacity of the regulators.
Whether or not the timeline holds depends on developments in Washington. If the government reopens and the SEC proceeds to resume its full operations, the review period may proceed at an accelerated pace if there are no objections. On the other hand, any further comments from the authorities would delay the process beyond the default 20 days.
The current SEC leadership has not made any statements on Bitwise’s product, but Chair Paul S. Atkins this week acknowledged that a number of firms have effectively relied on the same statutory provision to move forward with listings, pointing to MapLight’s public offering and the Solana, Hedera, and Litecoin ETFs that launched under similar circumstances.
In addition to Dogecoin, Bitwise also amended its proposed XRP ETF last week, changing its listing location to the New York Stock Exchange and changing its management fee to 0.34%, both of which seem to be in the late stages of ETF preparation.
Meanwhile, data from Coinglass indicates that Dogecoin’s futures open interest also decreased by 6% from Monday, falling from $1.51 billion to $1.41 billion, indicating that leveraged positioning is declining amid the focus on the ETF approval.
Dogecoin Price Risks Major Breakdown From Channel Support
This week, the Dogecoin price witnessed a sell-off from $0.186 to $0.161 trading value, projecting a loss of 13.41%. The current correction is now wavering close to the support trendline of a long-term channel pattern on the daily chart.
Since March 2025, the price has been strictly resonating within the two ascending trendlines of a channel pattern, which drives a slow, yet steady recovery trend. However, as the broader market sentiment remains on edge, the Dogecoin price faces a risk of a bearish breakdown below the chart pattern.
If the Dogecoin price loses the $0.16 floor with a daily candle closing, the selling pressure will accelerate and test the next significant support at $0.13.
On the contrary, the last two daily candles in the Dogecoin price chart show long-tail rejection at the pattern’s bottom trendline, indicating the intact demand pressure. Thus, if the coin price manages to hold this support in coming weeks, the buyers could recoup bullish momentum for a potential upswing toward $0.188.
Also Read: Stablecoins Boost Payment Competition: Fed Governor Waller
Credit: Source link
