Dogecoin Records $57 Million in Weekly Net Outflows

Dogecoin recorded approximately $57.2 million in net spot outflows over a seven-day period, according to data cited by CryptoNews from CoinGlass. During the reporting window, outflows totaled $538.16 million against exchange inflows of $480.96 million.

Exchange Flows and Price Decline

According to CoinGecko data, the exchange flow figures emerged as $DOGE traded near $0.085 on October 11, marking an approximately 9% decline over the preceding seven days. The token's market capitalization stood at approximately $13.29 billion, with roughly 156.28 billion circulating tokens and a 24-hour trading volume of approximately $330 million.

While exchange outflows are sometimes interpreted by market participants as an indication of investor accumulation or movement into private storage, the reported data does not identify the owners of the transferred assets or establish their specific reasons for moving them.

Technical Levels and ETF Closure

Cryptocurrency analyst Giannis Andreou identified $0.092 to $0.095 as the first stronger confirmation area for improving market conditions before higher targets can be considered. The analyst noted that a drop below $0.0795 would invalidate the current technical setup.

Meanwhile, Bitwise confirmed that its Dogecoin exchange-traded fund, trading under the ticker BWOW, will stop trading on October 14, with shareholder distributions scheduled afterward following a September 10 filing with the U.S. Securities and Exchange Commission.

Key facts

• Dogecoin recorded $57.2 million in net spot outflows over seven days.
• CoinGlass reported $538.16 million in outflows against $480.96 million in inflows.
• DOGE traded near $0.085 on October 11, down about 9% over the week.
• Bitwise scheduled its Dogecoin ETF (BWOW) to stop trading on October 14.