Dogecoin (DOGE) traded higher on Dec. 10 even though US spot Dogecoin ETFs have now recorded three consecutive sessions of zero net inflows. The price rise indicates that short-term momentum is coming from derivatives markets rather than institutional allocations through regulated products.
DOGE traded near $0.1458, representing a 2.59% increase over the past 24 hours. Market volume rose to $1.73 billion, approximately 60% higher than the previous day, indicating stronger participation despite the ETF channel remaining inactive.
Data from SoSoValue confirms that Grayscale’s GDOG and Bitwise’s BWOW recorded no new inflows on Dec. 7, 8 and 9, leaving cumulative net contributions unchanged at $1.88 million. Combined total net assets fell to $5.94 million, down from $6.99 million on Dec. 3. The decline follows a single-day withdrawal of nearly $973,000 from BWOW on Dec. 4, which erased earlier gains in the category.
Further Reading: 21Shares Amends Dogecoin ETF Filing as DOGE Rallies 9%
Futures Trading Explains the Price Move
The price change coincides with a shift in derivatives positioning. CoinGlass data indicate that open interest in DOGE futures increased by 5.58% over the past 24 hours, reaching $1.47 billion, while futures trading volume rose 45.42% to $3.64 billion during the same period. Options activity also increased, with options volume rising more than 236% to $41.15 million, indicating that speculative trading expanded across multiple derivatives instruments.
Positioning on major exchanges shows that traders are leaning toward upside exposure. On Binance, the long-to-short ratio among accounts stands at 2.40 to 1, while on OKX it is 3.12 to 1. Top-trader positioning on Binance is even more skewed, with a 3.04 ratio favoring long positions. The imbalance suggests that traders entered the market with a bullish bias, supporting the price without new ETF investment.
Liquidation data shows pressure against short positions during 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 larger volume of short liquidations suggests that bearish exposure was forced out during the move, contributing to the increase in DOGE price, even though inflows from regulated products did not rise.
The funding environment does not show excessive leverage. The OI-weighted funding rate remained near neutral, which suggests that the advance did not rely on inflated funding premiums. Instead, the move shows a combination of increased trading interest and short-side pressure rather than a single dominant catalyst.
DOGE ETF Demand Remains Limited Compared to Other Altcoin Funds
The last three sessions show a disconnect between the market for regulated DOGE exposure and broader speculative trading activity.
While DOGE ETFs have accumulated $1.88 million in total inflows and hold $5.94 million in assets, comparable altcoin funds launched this quarter operate at a much larger scale. Solana ETFs manage about $950 million in total net assets, supported by $656 million in cumulative inflows, while XRP ETFs hold roughly $945 million in assets, backed by $944 million in inflows.
The comparison shows that institutional positioning remains relatively small in the DOGE market, even as its spot price responds to trader-driven flows.
