Dogecoin ETFs hit record $2.89M inflows – Are DOGE bulls in control?

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?

Dogecoin: A record week, and a big stash for Grayscale

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.

Whales are back, but so are the sellers

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.

Final Summary

• Dogecoin ETFs had a record inflow week, but GDOG now has 81% of total net assets.
• Spot activity is heating up, but futures metrics are seller friendly.