On the first day, the net inflow of the DOGE spot ETF was only $1.8 million, and on the second day, it was just $2.16 million. A significant portion of this was large holders transferring their off-market positions for arbitrage, with the real incremental funds and trading volume far below market expectations, and the quietness is somewhat beyond imagination.

Why is this happening? The reason is actually quite straightforward: the applicant's status is not strong enough.

The inflow of an ETF's debut can essentially be understood as a top-tier endorsement.

Bitcoin has the backing of BlackRock and Fidelity, Ethereum has the endorsement of VanEck and Grayscale, so the market naturally rushes in; however, the issuers of these DOGE ETFs (Rex, 21Shares, etc.) have limited influence in the traditional financial circle, so institutions and retail investors are naturally not in a hurry to buy in.

Currently, there are only a few scattered applications, and there is far from the sense of urgency created by multiple top asset management firms collectively standing behind it.

Only when giants like Fidelity, ARK, or Invesco join the DOGE ETF application camp will it truly ignite market sentiment.

However, I remain optimistic about the future trend of the DOGE ETF for three reasons: historical patterns: BTC ETF and ETH ETF both experienced a period of cooling followed by a surge in their first week of listing, even seeing short-term declines, before they began a major upward trend;

DOGE itself possesses a cultural symbol that other altcoins cannot replicate, along with Musk's endorsement as a dual moat. Once more leading institutions enter the market, the narrative switch will happen very quickly;

I believe the current cold start of Dogecoin is precisely cleaning out the false inflow, and when real incremental funds come in the future, the explosive power will be even stronger!