Dogecoin ETFs recorded about $538,000 in net outflows this week, their largest weekly outflow since August. The source says the weak ETF performance accompanies market volatility, and DOGE fell 5.62% over the last 24 hours.
Dogecoin ETFs posted about $538,000 in net outflows this week, according to SosoValue data cited by U.Today. The figure is the largest outflow for the products since August, as the broader crypto market continues to decline.
Investors have shown slower participation in the Dogecoin ETF market, with little to no weekly inflows month after month, the report says. However, this week's withdrawal tops anything since mid-August, when the funds posted a weekly outflow of over $564,000.
U.Today reads the slow ETF numbers as a sign that institutional investors appear to be exercising caution to hedge against potential losses during this volatile period.
DOGE slips 5.62% as ETF demand stays weak
The ETFs closed the week as DOGE hovered around $0.07553 on October 24, after a 5.62% decline over the previous 24 hours.
Against that backdrop, U.Today calls the ETF performance a bearish signal for Dogecoin's price, because it points to slow demand among investors.
Still, one week of outflows does not necessarily confirm a lasting decline in institutional demand, the outlet notes. Market participants remain hopeful that sentiment will shift soon.
Source: U.Today
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