$2.89M Inflow Week for Dogecoin ETFs: Are Bulls or Bears in Control?

Dogecoin ETFs have seen significant inflows in recent weeks, but the market remains indecisive. The $2.89 million worth of green in U.S. Spot $DOGE ETFs last week was a record, surpassing the previous high of $2.59 million. However, this milestone is not as convincing as it seems, given that Grayscale's GDOG has become the dominant player, holding 81% of the total $17.03 million in $DOGE ETF assets.

GDOG's inflows rose from $11.7 million to $15.46 million after Bitwise announced the closure of its BWOW fund, while 21Shares' TDOG saw a decline in inflows. This has led to concerns that one product is doing the heavy lifting, rather than a broader market trend.

The Spot and Futures markets are also sending mixed signals. While Spot volume has picked up in recent weeks, with some readings indicating 'overheating' as $DOGE pushed to $0.10, the 90-day futures taker CVD has been sell-dominant since late August. This suggests that despite the price rise, sellers still outnumber buyers.