Dogecoin Price Rises Despite First-Ever ETF Outflows as Bearish Signals Persist

Dogecoin (DOGE) edged 1.23% higher on Aug. 1 to trade around $0.070, even as newly launched spot Dogecoin exchange-traded funds (ETFs) recorded their first monthly net outflows since debuting in November 2025. The price increase comes amid weakening institutional demand and growing technical indicators pointing to a potential bearish trend.

According to SoSoValue, spot Dogecoin ETFs posted net outflows of $525,980 in July 2026, marking the first monthly withdrawal since the U.S. Securities and Exchange Commission approved the products. Despite the outflows, the ETFs still hold total net assets of $9.96 million, while cumulative net inflows remain at approximately $12 million.

Grayscale’s Dogecoin ETF remains the largest fund in the sector, managing $6.83 million in assets. It was also the only Dogecoin ETF to record fund flows during July. Dogecoin joined Hyperliquid (HYPE) as one of the few crypto ETFs to experience monthly outflows during the period, signaling softer institutional appetite.

Technical indicators suggest Dogecoin could face additional downside pressure. The weekly chart has formed a death cross, with the 50-week simple moving average falling below the 200-week simple moving average, a pattern often associated with prolonged bearish momentum. A negative Moving Average Convergence Divergence (MACD) reading further reinforces the weak long-term outlook.

If DOGE breaks below the key $0.070 support level, analysts suggest the meme coin could revisit its October 2023 low near $0.056. Market sentiment has also been pressured by heightened geopolitical tensions after President Donald Trump warned of possible military action against Iran, prompting broader risk-off behavior across financial markets.

Meanwhile, derivatives data from CoinGlass shows Dogecoin open interest increased slightly by 0.06% to $1.08 billion. However, this remains well below the nearly $6 billion peak seen in September 2025, indicating significantly lower speculative activity.

Bearish sentiment also dominates futures markets, with the long-to-short ratio slipping to 0.82. Long traders have absorbed the majority of losses, with liquidations totaling $3.6 million compared with just $22,000 in short liquidations, highlighting continued selling pressure despite DOGE’s modest daily gains.