Market Overview
Friday's tape was a story of dispersion. Bitcoin closed at $59,706, essentially flat on the day and down 0.6% on the week, while Solana moved against the grain with a +6.6% ↑ session to $72.17. Ether ticked up 0.2% to $1,570.68 but remains 3.7% lower over seven days. The action looks consistent with rotation within crypto rather than a directional move at the index level.
Asset Price Analysis
Bitcoin spent the session capped below the $60,000 handle but defended support near $59,500, a level that has held on multiple intraday tests this week. The 30-day picture remains constructive — BTC is still +13.7% ↑ over that window — but momentum on the daily has flattened.
Solana was the standout. The +6.6% ↑ single-day move pushed SOL to $72.17, extending its seven-day gain to 9.2% and its 30-day return to +15.6% ↑. The move came on a session where BTC and ETH largely chopped sideways, suggesting SOL-specific positioning rather than broad-beta lift.
Ether continues to lag. At $1,570.68, ETH is the only major down on the week (-3.7% ↓), and the ETH/BTC ratio sits near multi-month lows. XRP held the $1.04 handle, up 1.7% on the week and 8.4% on the month.
ETF Flows — Prior Settled Session
Thursday's settled tape, published overnight, recorded -$798.4M ↓ in net outflows across spot crypto ETFs, according to InflowScan data. Friday's issuer reports have not yet settled and will be reflected in Monday's pre-market brief.
The Thursday redemptions were heavily concentrated at the top of the BTC complex:
Inflows were thin and scattered:
The concentration of redemptions in IBIT and FBTC — the two largest spot BTC products — points to allocator-level rebalancing rather than retail churn. XRP fund coverage was partial (8 of 9 funds reported, with XRPK still settling), so the asset-level XRP aggregate should be read as preliminary.
Stablecoin Pulse
The dry-powder picture softened. USDT supply contracted by roughly -$1.16B ↓ over 24 hours to $184.9B, the larger of the two moves, while USDC shed about $50M to $73.7B, according to InflowScan data. A USDT redemption of that size is historically associated with offshore deleveraging or treasury rotation, not on-chain risk-on positioning. Combined with Thursday's ETF outflows, the aggregate read is one of capital stepping back from crypto exposure into Friday's session, even as spot prices held.
Outlook
Two threads to watch into next week. First, Friday's ETF flow tape, settling overnight: a second consecutive heavy-outflow session would reframe the prior week's accumulation narrative, while a snap back to neutral or positive would suggest Thursday was a single-day rebalance event. Second, the SOL/BTC ratio — Friday's relative outperformance has stretched the pair, and follow-through next week would point to genuine SOL-specific demand rather than a one-session squeeze.
Key levels: BTC support at $59,500 and resistance at $60,000, with the $58,800 zone as the next downside reference. ETH resistance sits at $1,620; a failure to reclaim it keeps the ETH/BTC weakness intact.