ambcrypto.com
28 September 2026 11:21, UTC
There are two sides to every story, and Dogecoin [$DOGE] is an example of that right now.
Dogecoin ETFs have had a standout week, but Bitwise is proceeding with its BWOW shutdown. Then there are the Spot and Futures numbers, which look… indecisive, to say the least.
So, what’s ahead for $DOGE?
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Last week, U.S. Spot $DOGE ETFs saw $2.89 million worth of green. This is the asset’s biggest week, and the previous record was at $2.59 million.
Good news? Yes… but no.
Since Bitwise announced BWOW’s closure, Grayscale’s GDOG’s inflows rose from $11.7 million to $15.46 million. 21Shares’ TDOG moved in the opposite direction: from $1.63 million to $1.03 million.
Demand is essentially being collected by one fund now.
GDOG now holds 81% of the $17.03 million in total $DOGE ETF assets. It was also the only fund to record inflows on Friday, worth approx. $806K.
A record is still a record. However, it’s just not a convincing one when one product does the heavy lifting.
Let’s start with the Spot numbers.
For most of 2026, Spot volume was calm. This is despite $DOGE sliding to $0.07 by August. That changed in September as Spot activity picked up with price recovery.
Notably, in the past few days some readings indicated “overheating” as $DOGE pushed to $0.10.
Furthermore, there’s interest in Futures as well.
For most of this summer, there have been numerous whale-sized orders. Those have continued through this bounce.
But which side are they on?
Since late August, 90-day futures taker CVD has been sell-dominant. What does that mean? There are more sellers than buyers, and that hasn’t changed despite the price rise.
The last time this metric looked buyer-friendly was in May.
The simple inference is that $DOGE looks busy, but not quite bullish. Therefore, it’s too early to call this a true bullish turn until Futures buyers take control.
