- Dogecoin price has moved with Bitcoin during 2023 Bitcoin ETF news events
- Both assets rallied when developments appeared favorable to ETF approval
- A spot Bitcoin ETF green light could also lift Dogecoin if the correlation holds
As the crypto market anxiously awaits a spot Bitcoin ETF, Dogecoin has moved in lockstep with Bitcoin price action around major developments.
When BlackRock filed for a Bitcoin ETF in June, Bitcoin rallied 20% as institutional ETF involvement looked more promising. At the same time, the Dogecoin price surged 36% in tandem.
Favorable Bitcoin ETF ruling was positive for Dogecoin and Bitcoin
Similarly, a favorable court ruling on a Bitcoin ETF in late August preceded gains for both assets. DOGE climbed 6% alongside a Bitcoin rise from $26,000 to $27,721.
Later SEC pushbacks caused prices to fall back in unison. This pattern has emerged consistently around ETF news events in 2023.
The consistent correlation illustrates DOGE’s susceptibility to macro-crypto sentiment. As the most prominent bellwether, Bitcoin price action tends to drive broader momentum.
Past performance cannot guarantee future results. However, if the SEC finally approves a spot Bitcoin ETF, a sympathetic Dogecoin rally looks probable based on historical precedents.
Of course, SEC decision-making has proven opaque thus far. But DOGE holders are likely rooting for Wall Street to get the green light, as any resulting Bitcoin upswing could lift all boats.
For now, Dogecoin remains tethered to each Bitcoin ETF development. Their fates appear linked in anticipation of a momentous approval.
