Dogecoin Spot ETFs Record Zero Net Inflows Over 24 Hours Despite 7% Spot Market Rally

Major cryptocurrencies extended their gains on Friday, with Dogecoin rising as much as 7%. Dogecoin saw a significant rise on Friday, increasing from $0.094 to $0.1004. The rise builds on a prior-day rebound from a low of $0.091 and continues the broader recovery from a March 8 low of $0.086.

At the time of writing, DOGE was up 5.33% in the last 24 hours to $0.998 and up 7.22% weekly. The crypto market is extending a stretch of consolidation, with the total value near $2.45 trillion for a third straight session, reflecting a market that has been stuck in a tight band since the sharp sell-off in late January.

The continuing market sentiment has bled into spot ETFs with Dogecoin spot ETFs, which have recorded zero inflows since the start of March.

In the last 24 hours, zero inflows have been recorded in Dogecoin ETFs, a trend that has been ongoing since March 3. According to Sosovalue data, the trio of Dogecoin ETFs, Grayscale, 21shares and Bitwise saw $0 in daily net inflows within the last 24 hours. Dogecoin ETFs still saw a bit of trading, with total value traded ranging between $212,460 and $1.02 million since this date.

Analysts suggest the current phase on the market is more of a stabilization than breakout. While some on-chain metrics are improving, a sustained bull run would likely require a fresh inflow of capital, among other things.

Until a clear macro catalyst or wave of new capital arrives, the market might continue to consolidate near the upper end of its range rather than seek a breakout.

The cumulative total net inflow for Dogecoin ETFs remains steady at $7.45 million, while total net assets equaled $9.27 million, according to SoSoValue data.

Dogecoin price

Dogecoin continues its recovery from a low of $0.086 on March 8. A strong rebound off the $0.09 support suggests that the bulls are fiercely defending the level. A breakout above the 50-day MA, which is currently at $0.101, opens the way for a rise to $0.12, where Dogecoin might find resistance.

Bears might want to contest the $0.09 mark; if they succeed in pulling the Dogecoin price below this key level, Dogecoin might aim for $0.08 and then $0.06.