The net inflow on the first day of the DOGE spot ETF was only $1.8 million, and it was only $2.16 million on the second day, with a significant portion of that being large holders transferring their off-exchange positions for arbitrage. The actual incremental funds and trading volume are far below market expectations, and the level of quietness is somewhat beyond imagination.
Why is this happening? The reason is quite straightforward: the applicants lack sufficient credibility.
The inflow at the launch of an ETF can essentially be understood as a top-tier endorsement.
Bitcoin has support from BlackRock and Fidelity, while Ethereum is backed by VanEck and Grayscale, naturally attracting market attention; however, the issuers of these DOGE ETFs (like Rex, 21Shares, etc.) have limited influence in traditional finance, so institutions and retail investors are not in a hurry to buy in.
Currently, there are only a few sporadic applications, and the pressure of multiple top-tier asset managers collectively standing behind it has not formed.
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 ETFs and ETH ETFs experienced a period of initial coolness followed by a surge in the first week of listing, even showing short-term declines before starting a main rally;
DOGE itself has cultural symbols that other altcoins cannot replicate, along with Musk's endorsement as a dual moat. Once more leading institutions enter the scene, the narrative switch will happen very quickly;
I believe the current cold start of Dogecoin is precisely squeezing out the false inflows. When the real incremental funds come in the future, the explosive power will be even stronger! $DOGE
