According to data from SoSovalue, Dogecoin ETFs saw $0 in weekly net inflows, marking a subdued week.
In the week spanning from July 6 to July 10, Dogecoin recorded zero net inflow for each day. This amounted to $0 net flow for the week, following the previous week’s negative net flow.
While the trend of $0 weekly net flows is not strange to Dogecoin ETFs, the set of investment products comprising Bitwise, Grayscale and 21Shares attracted negative net flow in the week ended July 2, the first such occurrence in months. The last time Dogecoin ETFs saw weekly negative net flows was in January (week ending January 23).
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Dogecoin intermittently alternated between zero weekly net flows and positive net flows, highlighting cautious sentiment in the market with little optimism.
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The lack of fresh capital might suggest a pause in institutional demand for Dogecoin-related investment products, with the market now watching for the catalyst that might elicit a comeback.
The cumulative total net inflow for Dogecoin ETFs is $11.77 million, while total net assets are given as $10.23 million, which is 0.09% of DOGE’s market cap.
In recent ETF news, the 21Shares Dogecoin ETF is reshaping its pricing benchmark arrangements, with plans to license FTSE digital asset index data.
Dogecoin awaits catalyst
The slowdown for Dogecoin investment products comes as the dog coin trades without a major narrative to drive fresh buying interest.
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The overall cryptocurrency market remains in a bear market, with most altcoins trading at multi-year lows. However, in a fresh recovery, crypto derivatives markets are showing signs of stabilization, with speculation easing and longer-term positioning increasing.
Sentiment supports this view. The Fear and Greed Index has climbed to 32, or “fear,” rising out of the extreme fear zone it had been in for more than 40 days. This might suggest an exit from panic rather than a move into conviction. However, the sentiment gauge has not sustained a move above 50 since November.
At the time of writing, Dogecoin was up 1.45% in the last 24 hours to $0.075.