Market Overview

Bitcoin ended Monday at $64,956, a 0.7% decline that leaves the largest crypto asset roughly flat on the week but still up 13.7% over the past 30 days. Ether tracked lower to $1,947, extending its weekly loss to 3.7%. The tape had a mild risk-off feel through the U.S. afternoon, though ranges stayed contained and there was no evidence of forced liquidation across the majors.

Solana was the standout. Despite a 1.1% intraday fade to $75.94, SOL has added 9.2% over the past week and 15.6% over the past 30 days, outpacing both BTC and ETH on a relative basis. XRP gave back 2.0% to $1.09 but still holds an 8.4% monthly gain.

Asset Price Analysis

BTC spent the session capped below the $65,500 level that has served as near-term resistance since last week. The 0.6% weekly change points to consolidation rather than trend continuation, with the 30-day gain increasingly reliant on the mid-July move higher. A close back above $66,000 would restore the higher-high structure; a break of $64,000 would open the June range.

ETH's chart is weaker. The move below $1,950 puts it near the low end of its July range, and the 3.7% weekly drawdown is the softest performance among the four majors. Rangebound between roughly $1,930 and $2,050, ETH has underperformed BTC by more than three percentage points over five sessions — a divergence consistent with the ETHA outflow pressure seen in Friday's settled flow data.

SOL's relative strength is the more interesting positioning story. The asset has held above $75 through the day's broader softness, and the 9.2% weekly gain against a flat-to-down BTC tape historically points to specific rotation rather than beta capture. XRP's 2.0% intraday drop was the largest among the majors, though the monthly picture remains constructive.

Stablecoin Flows

Stablecoin supply told a mixed story. USDC supply expanded by $107 million to $73.7 billion, according to InflowScan data, while USDT contracted by $396 million to $183.9 billion. The net picture is roughly $288 million in supply reduction across the two largest stables — a small drawdown, but the direction is consistent with modest de-risking rather than dry-powder build.

ETF Flows Context

Monday's issuer flow data has not yet settled and will report in tomorrow's Pre-Market brief. The most recent settled session — Friday, July 24 — showed -$301M ↓ in aggregate net outflows across spot crypto ETFs, according to InflowScan data. BlackRock's IBIT led the redemptions at -$214.2M ↓, followed by ETHA at -$53.2M ↓ and Fidelity's FBTC at -$28.2M ↓. Fidelity's FETH was the only meaningful inflow at +$14.9M ↑.

SOL and XRP flow coverage for Friday was partial — 7 of 11 SOL funds and 2 of 9 XRP funds reported, with the remaining issuers still settling. The IBIT redemption is the number to watch when Monday's full tape prints tomorrow morning: two consecutive sessions of nine-figure IBIT outflows would mark a shift from the buy-side posture that dominated mid-July.

Outlook

Key levels heading into Tuesday: BTC $64,000 support and $66,000 resistance; ETH $1,930 support and $2,050 resistance. The tape to watch is whether ETH can arrest its underperformance versus BTC — five straight sessions of relative weakness is the longest such stretch this month.

Tomorrow's Pre-Market brief will carry Monday's settled ETF flow data, including whether Friday's IBIT redemption was a one-session event or the start of a broader pattern. SOL flow completion will also be worth tracking given the asset's relative strength this week.