Market Overview
Digital assets traded higher across the board Thursday, with bitcoin reclaiming the $64,800 handle after grinding through a soft mid-week session. BTC closed at $64,788, up 1.3% on the day and up 13.7% over 30 days, though still down 0.6% on a weekly basis. Solana was the day's percentage leader among majors on a 7-day view, up 9.2% over the past week and 15.6% over 30 days.
The tape had the shape of a coordinated bid rather than a single-asset story. Every major posted gains, funding-sensitive alt majors participated, and the intraday range stayed contained.
Asset Price Analysis
Bitcoin's reclaim of $64,800 puts it back inside the range it has defended for most of July. The 30-day gain of 13.7% remains the standout number, but the 7-day print of -0.6% shows the rally has stalled at higher levels rather than extended. Resistance sits at the prior local highs; support at $63,500 held cleanly through Wednesday's dip.
Ether closed at $1,921.88, up 0.6% on the day but down 3.7% over the week — the weakest 7-day print among the four majors tracked here. ETH's 30-day gain of 3.7% has meaningfully lagged BTC's 13.7% and SOL's 15.6%, and the ETH/BTC ratio continues to grind lower.
Solana closed at $74.52, up 1.1% on the day and up 9.2% on the week. The 30-day gain of 15.6% is the strongest across the majors, and price action has been characterized by shallow pullbacks rather than distribution — consistent with positioning-driven demand rather than pure momentum chasing.
XRP added 1.1% to close at $1.09, with a 30-day gain of 8.4%. The token has traded rangebound between $1.05 and $1.12 for most of the past two weeks.
Stablecoin Pulse
The dry-powder picture tightened materially. USDT supply contracted -$627.7M ↓ over 24 hours to $183.2B, and USDC shed -$346.9M ↓ to $72.0B, per InflowScan data. A combined contraction near $974M in a single session is a large print.
Stablecoin supply contraction alongside rising spot prices is a pattern historically associated with capital being deployed on-venue rather than sitting in cash equivalents. It is also consistent with redemptions to fiat. The distinction matters: the former is bid-supportive; the latter is not. Absent a clear catalyst on the redemption side, the combination of firm price action and shrinking stablecoin float points to the former.
ETF Flows Context
Thursday's issuer flow reports have not yet been published — issuer flow data for a given session settles overnight and prints in the following morning's pre-market brief. The most recent settled session is Wednesday, July 29, which registered +$6.9M ↑ in net inflows across spot crypto ETFs, according to InflowScan data.
The Wednesday tape was defined by concentration, not conviction. BlackRock's IBIT absorbed +$89.5M ↑, essentially offset by outflows from Fidelity's FBTC at -$43.0M ↓, Bitwise's BSOL at -$18.1M ↓, and ARK's ARKB at -$14.6M ↓. That pattern — IBIT accumulation offset by peer redemptions — has been a recurring feature of the July tape and is consistent with fund-of-fund routing shifts rather than net-new institutional demand. XRP flows on Wednesday came in at 8 of 9 funds reported, with the remaining issuer still settling.
Outlook
Key levels to watch heading into Friday's session: BTC resistance at the prior local highs, with $63,500 as the reclaimed support line. ETH needs to defend $1,900 to keep the recent bounce structurally intact. SOL's 7-day leadership will be tested if broader crypto beta fades.
The most important data point overnight is the Thursday ETF flow print, which lands with the Friday morning pre-market brief. If IBIT concentration continues to mask net-flat aggregate flows, the flow signal remains weaker than the price signal suggests. Stablecoin supply trajectory is the other watch-item — a second consecutive session of $500M+ contraction would strengthen the case that capital is being deployed rather than withdrawn.