If Bitwise's DOGE ETF really goes public this month, this matter may be much more complicated than it appears.

First, let's talk about DOGE itself. In the short term, the opening of the ETF will surely bring a wave of capital influx - after all, the madness when the Bitcoin ETF was approved is still fresh in our memory. But the question is, how long can the hype last? Referring to the previous DOJE trend, it is clear that once the inflow of funds slows down, DOGE will have to return to the old question: what actual use does it have? To put it bluntly, the price of this thing is more driven by emotions and lacks hard-core application scenarios to support it.

Looking at it from a broader perspective, the signaling significance of this matter may be more critical. As the first compliant ETF focused on DOGE, it is likely to trigger a wave of ETF applications for small and medium-sized cryptocurrencies. Crypto assets are gradually penetrating into the traditional financial system — this is a good thing, but it may also raise regulatory concerns about the risks of "crypto bubbles." Compliance is a double-edged sword, and advancing too quickly may not be a blessing.

For ordinary investors, the threshold has indeed been lowered. You can buy exposure to DOGE through a stock account without the hassle of wallets and exchanges, which sounds pretty good. But thinking about it the other way, will this "convenience" lead many individuals with insufficient risk tolerance to jump in? The volatility of DOGE is no joke, and no matter how formally the ETF is packaged, the fundamental risk hasn't decreased at all. When losses occur, it will still be those retail investors who followed the trend into the market that get hurt.

In conclusion, the listing of ETFs is a double-edged sword - it is both a symbol of industry progress and may also become an amplifier of risk dispersion.