Bitwise CEO calls Dogecoin ETF failure ‘tragic’, flags ETF-user gap

The interesting signal here is structural, not sentimental: Horsley is describing a mismatch between the audiences ETFs are built for and the users crypto apps already have, which is a distribution problem rather than a demand one. That framing lands as Bitwise itself tilts toward spot products and AI, suggesting the firm sees differentiated exposure, not memecoins, as the durable ETF thesis. Whether that gap narrows as more single-asset ETFs reach the market is the open question worth tracking.