ETF Flows
Partial issuer data for Friday's session shows +$475M ↑ in net inflows across spot crypto ETFs — a strong single-session print that extends the seven-day cumulative total to approximately $1.17 billion in net inflows. Thirty-day cumulative flows stand at roughly $742M, suggesting that the past week has meaningfully accelerated the trend.
Reporting coverage remains limited: only 4 of 10 BTC funds, 4 of 9 ETH funds, 2 of 11 SOL funds, and 1 of 9 XRP funds have submitted Friday filings. The remaining issuers are still settling. The final session total could move materially in either direction once full data publishes, though the absence of any outflows among reported funds points to broad-based demand across the names that have filed.
Top inflows (Friday, partial):
No outflows were recorded among reporting funds. IBIT and FBTC together accounted for over 91% of the partial total, reinforcing the concentration dynamic that has characterized recent flow cycles — institutional capital continues to funnel disproportionately through the two largest Bitcoin ETFs. BlackRock's ETHA was the sole Ethereum product in the inflow column on partial data, though with five ETH funds still unreported, the full picture for Ethereum demand remains unclear.
The seven-day cumulative figure of $1.17 billion in net inflows — nearly $430M above the thirty-day cumulative — suggests a marked acceleration in appetite over the past week. Whether that pace is sustainable may depend on whether the unreported issuers confirm or temper Friday's strong print.
Asset Price Analysis
Bitcoin entered Monday trading at $73,860, effectively flat over 24 hours and down a modest -0.8% ↓ on the week. The muted price response to nearly half a billion dollars in partial ETF inflows is worth flagging: either the unreported funds contain offsetting outflows, or the buying pressure is being absorbed without moving price — a dynamic that could suggest overhead supply near the $74,000 level.
Ethereum traded at $2,264.85, unchanged over 24 hours but lagging on both weekly (-4.4% ↓) and monthly (-3.7% ↓) timeframes. The ETH/BTC ratio continues to compress, with Ethereum underperforming Bitcoin by roughly 3.6 percentage points on a seven-day basis. ETHA's $29.8M inflow, while positive, appears insufficient to arrest the relative weakness.
Solana sat at $83.52, flat intraday but bearing the steepest monthly drawdown among major assets at -13.2% ↓. Only 2 of 11 SOL ETF products have reported Friday flows, leaving the demand picture for Solana products largely opaque. The weekly -3.6% ↓ decline suggests continued risk reduction in the asset despite the broader ETF inflow trend.
XRP was the relative outperformer at $1.39, posting a modest +1.3% ↑ weekly gain — the only positive seven-day return among the four tracked assets. Monthly performance remains weak at -9.6% ↓, and with only 1 of 9 XRP funds reporting, the ETF flow picture is too incomplete to draw conclusions.
Stablecoin Flows
The stablecoin complex showed a notable rotation over the past 24 hours. USDT supply rose by approximately $411M to $187.3B, while USDC contracted by roughly $386M to $78.2B. The near-mirror movement — USDT expanding as USDC contracts — may point to a shift in venue preference or geographic capital flows rather than net new dry powder entering the system. Aggregate stablecoin supply was essentially flat, suggesting sidelined capital levels have not meaningfully changed heading into the week.
Outlook
With only partial Friday flow data in hand and Monday's session figures not expected until midweek, the near-term signal is incomplete. Key items to monitor:
- Full Friday settlement: Six BTC funds and five ETH funds have yet to report. Whether the remaining issuers confirm or offset the $475M partial print will set the tone — a final number above $500M would mark one of the stronger sessions this month.
- BTC at $74,000: Bitcoin's inability to push through the $74,000 level despite strong partial inflows suggests resistance in that zone. A sustained break above could attract momentum-driven flow; continued rejection may point to distribution.
- ETH relative weakness: Ethereum's weekly underperformance against Bitcoin bears watching. If ETHA's inflow remains the only positive ETH data point once full settlement occurs, it could suggest institutional demand is increasingly BTC-concentrated.
- Stablecoin rotation: The USDT-up / USDC-down dynamic warrants tracking into the week. A sustained pattern could signal geographic or exchange-preference shifts worth monitoring for flow implications.