Market Overview
A sharp risk-off session swept through crypto markets overnight, with Bitcoin sliding 3.5% to $68,786 and Ethereum dropping 5.0% to $2,059 — its steepest single-day decline in over two weeks. The sell-off coincided with $253.2 million in net ETF outflows, marking the third consecutive day of redemptions. Despite the near-term pressure, the 30-day flow picture remains constructive at $2.28 billion in cumulative net inflows, and both BTC and ETH hold meaningful monthly gains of 7.2% and 11.0% respectively, suggesting the current drawdown may represent a correction within a broader uptrend rather than a trend reversal.
ETF Flows Recap
Spot crypto ETFs posted -$253.2M ↓ in total net outflows on Wednesday, bringing the 7-day cumulative figure to $437.8 million in net redemptions. The outflows were heavily concentrated in BlackRock products, which appeared on both the inflow and outflow leaderboards — a dynamic that points to active fund rotation within the issuer's ETH product lineup.
Top inflows:
- ETHB (BlackRock): +$96.8M ↑
Top outflows:
The $96.8 million ETHB inflow against $140.2 million in ETHA redemptions leaves a net Ethereum ETF outflow of roughly $43 million from BlackRock alone — but the two-way flow suggests institutional holders may be migrating between share classes or fee structures rather than exiting Ethereum exposure entirely. On the Bitcoin side, IBIT's $41.9 million outflow was modest relative to its AUM, though the combined IBIT and BITB exits of $75 million indicate broader BTC fund selling beyond any single product.
The 30-day cumulative figure of $2.28 billion in net inflows provides important context: the current weekly outflow streak has reversed only a fraction of the capital that entered these products over the past month.
Asset Price Analysis
Bitcoin fell to $68,786, losing 3.5% in 24 hours and slipping 1.6% on the week. The drop pushed BTC below the psychologically significant $69,000 level, with the next area of likely support near $67,500 — the consolidation floor from earlier this month. Despite the pullback, BTC remains up 7.2% over the past 30 days, and the decline appears to correlate with the escalating ETF outflow trend.
Ethereum dropped 5.0% to $2,059, underperforming Bitcoin on a 24-hour and 7-day basis. The $2,000 round number represents a key psychological level; a decisive break below it could accelerate selling pressure. ETH's 30-day gain of 11.0% still outpaces BTC, though the gap has narrowed considerably this week.
Solana led the major-cap losses at -5.7% ↓, falling to $86.47. The sub-$90 level is the weakest SOL has traded in approximately two weeks, though its 30-day return of 9.5% remains firmly positive.
XRP declined 3.8% to $1.36 and posted the worst 7-day performance among tracked assets at -6.0% ↓. Its 30-day gain of just 0.9% suggests the recent rally largely bypassed XRP, and it now faces a test of the $1.30 support zone.
Stablecoin Flows
Stablecoin supply contracted modestly, with USDC declining by $102.4 million to $78.6 billion and USDT shedding $12.0 million to $184.1 billion, according to InflowScan data. The combined $114 million contraction — while small relative to the $262.7 billion total supply — aligns with the risk-off tone across spot and ETF markets. A sustained decline in stablecoin supply could suggest capital is leaving the crypto ecosystem rather than sitting on the sidelines, a dynamic worth monitoring in the sessions ahead.
Outlook
The immediate focus for Thursday's session centers on whether Bitcoin can stabilize above the $67,500 support zone and whether Ethereum can defend the $2,000 level. Both represent areas where buyers stepped in during the last meaningful pullback earlier this month.
On the flow side, the key question is whether the ETHA-to-ETHB rotation continues and whether net Ethereum ETF outflows moderate. A fourth consecutive day of aggregate outflows above $200 million would mark the most sustained redemption streak since early February, potentially shifting sentiment further.
Traders should also watch the BTC-ETH relative performance spread. Ethereum's persistent underperformance this week — despite stronger monthly gains — may point to near-term deleveraging in ETH-linked products. If the ETF rotation thesis holds, ETHB inflow data will be the clearest signal to track.
Stablecoin supply trends over the next 48 hours may clarify whether capital is repositioning within crypto or heading for the exits entirely.