Dogecoin (DOGE) traded higher on December 10, at the same time as US spot Dogecoin ETFs have now recorded three consecutive sessions of zero net inflows. The price increase suggests that near-term momentum is coming from derivatives markets somewhat than institutional allocations across regulated products.
DOGE traded near $0.1458, up 2.59% within the last 24 hours. Market volume rose to $1.73 billion, up about 60% from the day gone by, indicating stronger participation, although the ETF channel remained inactive.
DOGE/USD day by day price chart. Source: CoinMarketCap
Data from SoSoValue confirms that Grayscale's GDOG and Bitwise's BWOW saw no latest inflows on December 7, 8, and 9, leaving cumulative net contributions unchanged at $1.88 million. Total net assets fell to $5.94 million from $6.99 million on December 3. The decline follows a one-day withdrawal of nearly $973,000 from BWOW on December 4, which worn out previous gains within the category.
Further Reading: 21Shares changes Dogecoin ETF filing as DOGE surges 9%
Source: SosoValue
Futures trading explains price movement
The price change coincides with a shift in derivatives positioning. Data from CoinGlass shows that open interest in DOGE futures increased by 5.58% to $1.47 billion within the last 24 hours, while futures trading volume increased by 45.42% to $3.64 billion over the identical period. Options activity also increased, with options volume increasing by greater than 236% to $41.15 million, indicating that speculative trading has expanded into multiple derivative instruments.
Source: CoinGlass
Positioning on major exchanges shows that traders are leaning toward upside risk. On Binance, the long-to-short ratio between accounts is 2.40 to 1, while on OKX it’s 3.12 to 1. Top trader positioning on Binance is much more skewed, with a ratio of three.04 favoring long positions. The imbalance suggests that traders entered the market with a bullish bias and supported the value without latest ETF investments.
Liquidation data shows pressure on short positions throughout the rise. In the last 24 hours, DOGE recorded $4.79 million in liquidations, including $2.88 million from short positions and $1.91 million from long positions. The greater volume of short liquidations suggests that bearish exposure was squeezed out throughout the move, which contributed to the rise in DOGE price, even when inflows from regulated products didn’t increase.
The financing environment doesn’t exhibit excessive leverage. The OI-weighted funding rate remained near neutral, suggesting that progress was not as a consequence of excessive funding premiums. Instead, the move shows a mixture of increased trading interest and short-side pressure somewhat than a single dominant catalyst.
Demand for DOGE ETFs stays limited in comparison with other altcoin funds
The last three sessions have shown a disconnect between the marketplace for regulated DOGE exposure and broader speculative trading activity.
While DOGE ETFs have collected $1.88 million in total inflows and hold $5.94 million in assets, comparable altcoin funds launched this quarter are operating on a much larger scale. Solana ETFs manage roughly $950 million in total net assets, supported by $656 million in cumulative inflows, while XRP ETFs hold roughly $945 million in assets, supported by $944 million in inflows.
The comparison shows that institutional positioning within the DOGE market stays relatively low at the same time as the spot price responds to trader-driven flows.
