Dogecoin Spot Flows Drop 599% in Week as Whales Readjust Strategy

Dogecoin (DOGE) had a sharp drop in spot flows this past week as the broader crypto market pulled back. Dogecoin registered a 7-day spot net flow percentage of -599.50%, with spot outflows exceeding inflows, data from CoinGlass showed. The last seven days' spot inflows were $480.96 million and spot outflows were $538.16 million. A drop in spot flow, especially for exchanges, could indicate a dearth of coins being deposited on trading venues. On the other hand, an increase in spot outflows might suggest investors are withdrawing their coins into cold storage, a bullish signal.