Dogecoin ETF, dormant then stretches...Records largest inflow since January

▲ Dogecoin (DOGE) ETF / ChatGPT generated image

Inflows into the Dogecoin (DOGE) spot ETF have revived in May. The cumulative net inflow for May was recorded at $2,154,380.79, marking the strongest monthly inflow since January. Although the absolute volume is still small, the fact that a net inflow trend has been maintained every month since its launch in November last year is interpreted as a sign of demand recovery in the Dogecoin ETF market.

NewsBTC reported on May 21 (local time), citing SosoValue data, that the Dogecoin spot ETF recorded net inflows for a total of 5 trading days from May 1 to 19. The daily inflows were $400,194 on May 5, $227,207.79 on May 6, $393,135 on May 11, $272,886 on May 14, and $860,958 on May 18. During the same period, there were no days with net outflows, but including May 19, there were 8 trading days without net inflows.

While this trend indicates a recovery in Dogecoin ETF demand, it is difficult to consider it as consistent daily accumulation. Approximately 40% of the total net inflow for May was concentrated on a single day, May 18. This suggests that the Dogecoin ETF market is exhibiting a shallow, early-stage market structure where demand is concentrated on a few trading days rather than broad and sustained buying.

Cumulative indicators have also improved. The cumulative net inflow for Dogecoin spot ETFs increased from $9.63 million at the beginning of May to $11.78 million by May 19. Total net assets grew from $13.19 million to $14.51 million during the same period. The cumulative trading volume for May was approximately $10.06 million. The increase in net assets despite the drop in Dogecoin price was presented as a factor indicating that ETF inflows supported the asset size.

Looking at the monthly trends, the Dogecoin spot ETF started with a net inflow of $2.16 million in November last year. In December, despite a net outflow of $972,840.16 on December 4, it maintained a monthly net inflow of $177,891.84. Subsequently, January saw the strongest inflow at $4.07 million, followed by $252,534 in February, $972,455.30 in March, $1.99 million in April, and currently $2.15 million in net inflows for May.

By product, the concentration on Grayscale's GDOG was clear. As of May 19, GDOG's cumulative net inflow was $10.97 million, and net assets were $9.88 million. 21Shares' TDOG recorded a cumulative net inflow of $2.19 million and net assets of $3.96 million. In contrast, Bitwise's BWOW showed a different trend from other products with a cumulative net outflow of $1.38 million and net assets of $678,470. The Dogecoin ETF market confirmed demand recovery in May, but liquidity, product-specific concentration, and daily inflow variations remained key variables.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*