Market Overview
Thursday's session delivered a split tape. Bitcoin traded sideways at $84,382, closing unchanged on the day and down 0.6% on the week, while Solana pushed higher again to $116.87, up +1.7% ↑ on the session and +9.2% ↑ over seven days. XRP added +2.2% ↑ to $1.53. The divergence — BTC drifting, alts bidding — is consistent with rotation into higher-beta names rather than a broad risk-off shift.
Asset Price Analysis
Bitcoin held the $84,000 handle through the U.S. session, capped below $85,000 for a fourth consecutive day. The 30-day gain remains a healthy +13.7% ↑, which frames this week's stall as consolidation rather than distribution.
Ether closed at $2,689.54, up 0.2% on the day but still -3.7% ↓ on the week — the weakest major on a seven-day basis. ETH continues to underperform relative to both BTC and SOL, and the ETH/BTC cross has drifted lower with it.
Solana was the standout. At $116.87, SOL has now logged double-digit gains over 30 days (+15.6% ↑) and reclaimed levels last seen in mid-summer. XRP's 2.2% session move to $1.53 was the second-strongest among the majors; the token is up 1.7% on the week despite BTC's softness, another data point in favor of the rotation read.
ETF Flows (Prior Settled Session)
ETF flow data for Thursday's session is not yet published by issuers and will settle overnight. Wednesday, September 23 settled flows — reported this morning — showed +$477.2M ↑ in net inflows across spot crypto ETFs, according to InflowScan data. That figure carried the bid into Thursday's tape and helps explain why BTC held its ground despite the flat close.
Top inflows for Wednesday's session:
No spot crypto ETF registered net outflows on Wednesday, per InflowScan data. Coverage for the session: 12 of 12 BTC funds reported; 8 of 9 ETH funds reported with FETH still settling; 10 of 11 SOL funds and 8 of 9 XRP funds with remaining issuers pending. Thursday's settled figures will publish in Friday's Pre-Market brief.
Stablecoin Flows
Dry-powder aggregates continue to build. USDC supply expanded by $391M in the past 24 hours to $76.2B, while USDT added $97M to reach $183.5B, according to InflowScan data. Combined issuance of roughly $488M in a single session is consistent with sidelined capital rather than deployed risk.
Outlook
Levels to watch heading into Friday: BTC's four-session cap below $85,000 remains the near-term reference; a close through that zone would end the current consolidation range, while a break of $84,000 support opens room back toward the mid-$82,000s. For ETH, the $2,700 handle has acted as a lid all week — reclaiming it would help arrest the seven-day underperformance versus BTC and SOL. SOL's next reference is the round $120 level.
On the data side, Friday's Pre-Market brief will carry Thursday's settled ETF flows — the read there will show whether IBIT and FBTC's Wednesday demand carried into a second session. Stablecoin issuance pace also worth tracking: sustained $400M+ daily prints in USDC have historically been associated with pending deployment rather than parked capital.