The first U.S. exchange-traded fund tied to Dogecoin surged out of the gate on Sept. 18, recording nearly $6 million in trading volume during its opening hour, a strong showing for a new crypto-linked product.

According to Bloomberg data, the REX-Osprey Doge ETF, listed under the ticker DOJE, reached a turnover of $5.8 million before midday. By comparison, most ETFs typically see less than $1 million in volume on their debut.

Bloomberg analyst Eric Balchunas, who had set an informal “over/under” at $2.5 million for the launch, said the result “destroyed” expectations.

As of press time, Dogecoin was trading at $0.281, up 4.45% after giving up some of the day’s gains.

The debut adds to a wave of crypto ETFs entering the market as issuers try to capitalize on investor demand for digital assets in regulated formats.

Unlike earlier spot Bitcoin ETFs launched under the 1933 Securities Act, $DOJE was registered under the Investment Company Act of 1940, which some expected could have dampened enthusiasm. However, the initial trading suggested strong retail interest.

In a sign of continued expansion, REX Shares filed paperwork the same day for a “DOJE Growth and Income ETF,” while fund group Tidal Financial submitted applications for leveraged crypto index ETFs in partnership with Quantify Chaos.

The new filings include 2X leveraged funds targeting altcoins, one excluding only Bitcoin and the other excluding both Bitcoin and Ethereum. These funds are designed to capture so-called “alt seasons” when smaller tokens outperform.

The rush of products illustrates Wall Street’s deepening embrace of crypto despite recent volatility.

Whether DOJE can sustain its early momentum remains to be seen, but its opening session put it firmly on the map in an ETF market that has seen dozens of lackluster launches.

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Ethereum has just experienced one of the most chaotic trading days in its history, with price action resembling a rollercoaster. ETH plunged over 30% in less than 24 hours as fears of a U.S. trade war triggered a massive market selloff. However, just as quickly as panic set in, the market rebounded following President Trump’s announcement of negotiations with Canada and Mexico to lift tariffs. This sharp turnaround injected optimism back into the market, but uncertainty remains high.

The sudden drop wiped out millions in leveraged positions, creating one of the largest liquidation events in Ethereum’s history. Data from Glassnode reveals that yesterday, $76.4 million in ETH long liquidations hit the market, with $55.8 million being wiped out in a single hour—marking the second-largest liquidation spike in a year, just behind the $56 million event on December 9. This intense price action highlights the unprecedented volatility in Ethereum and the broader crypto market.

Now, the focus shifts to Ethereum’s ability to sustain its recovery and reclaim key resistance levels. With uncertainty still looming, the next few days will be critical in determining whether ETH can regain its bullish momentum or if further downside is on the horizon.

Ethereum Open Interest Drops Significantly

Ethereum has experienced one of the most volatile trading sessions in its history, dropping over 30% in less than 24 hours amid U.S. trade war fears, only to recover rapidly following President Trump’s announcement of negotiations with Canada and Mexico. This extreme price action has shaken investor confidence, but analysts suggest ETH is now stabilizing and preparing for a push higher.

Key data from Glassnode reveals the extent of the liquidation event that fueled this historic drop. Yesterday, $76.4 million in ETH long liquidations hit the market, with $55.8 million wiped out in a single hour—the second-largest spike in a year, just behind the $56 million liquidation recorded on December 9. The rapid price decline triggered a significant unwinding of futures open interest. ETH futures OI fell from $20.5 billion at the start of February to $15.9 billion today, wiping out $4.6 billion in leveraged positions.

Despite this sharp decline, Ethereum futures OI remains ~22% above its yearly trendline of $13 billion, suggesting that leverage remains elevated. Ethereum’s price has been heavily influenced by leveraged trading, as speculation and aggressive long positions fueled rapid swings. As the market recalibrates, a shift towards spot-driven price action could pave the way for healthier and more sustainable growth.

The coming weeks will be crucial in determining whether Ethereum can recover its bullish momentum. If ETH consolidates above key support levels and open interest stabilizes, the market could be setting up for another leg higher. However, if leverage remains high and speculative trading continues to dominate price action, further volatility and corrections may follow.

ETH Struggles Below Key Level Amid Market Uncertainty

Ethereum (ETH) is trading at $2,810 after a highly volatile start to the week. Despite a sharp recovery from its recent lows, bulls are still facing serious challenges as ETH trades below the crucial $3,000 mark, a level that also aligns with the 200-day moving average. This key resistance has historically acted as a major pivot point for Ethereum’s price action, making it a critical level to reclaim for bullish momentum to resume.

If bulls want to establish a new uptrend, ETH needs to break above the $3,000 mark with strength and hold it as support. A successful reclaim of this level could set the stage for a sustained rally toward $3,200 and beyond. However, failure to do so leaves Ethereum vulnerable to further downside risk.

Losing the $2,800 level could trigger additional selling pressure, potentially leading ETH to revisit lower demand levels around $2,650–$2,700. With market sentiment still uncertain and leveraged positions unwinding, traders are closely watching price action for confirmation of the next major move. Whether Ethereum can regain its footing or faces further declines will depend on its ability to reclaim key resistance levels in the coming days.

Featured image from Dall-E, chart from TradingView