Market Overview

Thursday delivered a synchronized sell-off across the four major crypto assets, with every name on the InflowScan dashboard closing red on the day. Bitcoin shed 2.9% to $78,826, ether gave back 4.1% to $2,264, and solana led losses with a 5.9% drop to $96.42. XRP fell 6.5% to $1.24. The breadth of the move is consistent with cross-asset de-risking rather than a single-name story.

Asset Price Action

Bitcoin's slide takes the 7-day change to -0.6% ↓, erasing the modest week-to-date advance, though the 30-day picture remains firmly positive at +13.7% ↑. The $78,826 close sits meaningfully below the $80,000 handle, a level that had acted as a reference point through late October.

Ether's drop was heavier in percentage terms. ETH failed to defend $2,300 and now shows a -3.7% ↓ 7-day change, with the 30-day gain compressed to +3.7%. The underperformance versus bitcoin on the day — 120bps wider — is consistent with the ETH/BTC rotation story that has shadowed the complex for weeks.

Solana's 5.9% single-day drop stands out alongside a still-positive +9.2% 7-day print, pointing to profit-taking in a name that had led the majors into the week. XRP's -6.5% session was the worst of the four, though it holds the $1.20 handle and remains up 8.4% on 30 days.

  • BTC $78,826 -2.9% ↓ 24h | -0.6% ↓ 7d | +13.7% ↑ 30d
  • ETH $2,264 -4.1% ↓ 24h | -3.7% ↓ 7d | +3.7% ↑ 30d
  • SOL $96.42 -5.9% ↓ 24h | +9.2% ↑ 7d | +15.6% ↑ 30d
  • XRP $1.24 -6.5% ↓ 24h | +1.7% ↑ 7d | +8.4% ↑ 30d

Stablecoin Pulse

The dry-powder picture turned heavier on the session. According to InflowScan data, USDT supply contracted by -$996M ↓ over 24 hours to $180.8B, the kind of print historically associated with net redemption pressure rather than fresh issuance meeting on-chain demand. USDC moved the other way, adding +$116M ↑ to $71.4B, but the net stablecoin flow across the two majors was decisively negative.

A near-$1B single-day USDT contraction alongside a 2.9% BTC drop is consistent with offshore deleveraging. It does not, on its own, confirm a broader risk-off shift — one session is one session — but it is a data point worth tracking into Friday's close.

ETF Flows Context

Issuer reports for Thursday's session have not yet published and will settle overnight. The most recent settled data covers Wednesday, October 28, when spot crypto ETFs absorbed +$114.7M ↑ in net inflows.

BlackRock's IBIT led the tape with +$135M ↑, and Fidelity's FETH added +$28.6M ↑. The offset came from BlackRock's ether product ETHA, which saw -$44.5M ↓ in redemptions — an intra-issuer split that mirrors the ETH/BTC performance gap carrying into Thursday's price action. Volatility Shares' SOLT and ProShares' UXRP rounded out the outflow column at smaller size. For XRP, 8 of 9 funds reported, with XRPK still settling.

The bid that carried through Wednesday was BTC-centric. Thursday's price action suggests that bid did not re-engage with the same force into the sell-off, though the Friday morning settled flow data will be the deciding read.

Outlook

Levels to watch into Friday's session: BTC and the $78,000 handle — a defended close there keeps the 30-day uptrend intact; a break would open the door toward the prior consolidation zone. ETH's reclaim of $2,300 is the obvious inflection for the second-largest asset.

The two data points that will clarify Thursday's sell-off: Friday morning's settled ETF flow print (did IBIT keep absorbing on the dip, or did the bid pause?) and whether USDT supply stabilizes after the $1B contraction. A second day of heavy stablecoin redemption alongside softer ETF flows would broaden the de-risking read; a reversal in either series would frame Thursday as a single-day repricing.