ETF Flows Recap — Friday, May 8
Spot crypto ETFs registered -$118.8M ↓ in net outflows during Friday's settled session, according to InflowScan data. Issuer reports for Monday, May 11 have not yet published; Friday remains the most recent fully settled tape. Coverage for the session was partial across BTC (8 of 11 funds reported), ETH (6 of 9) and SOL (9 of 11), with the remaining issuers still settling — the aggregate figure may shift modestly as ARKB, GBTC, ETHE, FETH and others report.
The day's redemptions were concentrated almost entirely in two bitcoin products. Fidelity's FBTC shed -$97.6M ↓, the largest single-fund outflow on the tape, with BlackRock's IBIT recording a much smaller -$27.2M ↓. Valkyrie's BRRR rounded out the redemption list at -$9.0M ↓. Inflows were thinly spread across smaller, newer products.
The composition is informative. With FBTC alone accounting for roughly 82% of gross redemptions, Friday's print reads more like single-issuer rebalancing than a broad-based exit. IBIT's relatively modest outflow — small in dollar terms against a fund that has frequently moved nine-figure prints in either direction — is consistent with that read. Inflows into XRPC, BSOL and the ETHB launch ticker suggest residual demand for non-BTC exposure, even as the bitcoin complex saw the day's heaviest selling.
Stepping back, the seven-day cumulative still sits at +$1.92B ↑, and the trailing 30-day at +$3.73B ↑. Friday interrupted the run rather than reversed it.
Asset Price Analysis
Price tape across the four majors is flat heading into Tuesday's open. BTC trades at $81,728, unchanged on the 24-hour, up 1.0% on the week and 15.5% on the trailing 30 days. ETH sits at $2,339, also flat on the day but down 0.9% on the week; the 30-day remains positive at +6.7%, lagging bitcoin meaningfully.
SOL at $97.33 has been the relative outperformer, posting +12.8% on the week and +19.4% on the month — the strongest 30-day return in the majors set and consistent with the modest inflow into BSOL on Friday's tape. XRP holds $1.48, up 4.5% on the week, with XRPC topping Friday's inflow list.
The flow/price split is the watch item. BTC ETF outflows on Friday did not dent spot pricing into the weekend, and bitcoin remains rangebound just below the $82,000 handle. ETH's softer weekly print sits against muted but positive ETF demand in the ETHB launch ticker; the 30-day underperformance versus BTC and SOL is the more durable signal.
Stablecoin Pulse
Stablecoin supply moved little overnight. USDC sits at $77.9B, down $40 million on the 24-hour — a rounding-error change. USDT held flat at $189.6B. Combined sidelined dollar capital is roughly unchanged from Friday, offering no strong directional read either way on near-term deployment appetite.
Outlook
The first item on the watch list is Monday's settled flow tape, which publishes overnight and will confirm whether Friday's FBTC-led outflow was a one-session rebalance or the start of a broader rotation. A repeat day of nine-figure FBTC redemption without offset elsewhere would reframe the seven-day trend; a return to net inflow would confirm the read that Friday was issuer-specific.
On price, levels to watch: BTC's $82,000 handle on the upside and the $80,000 round number on the downside have framed recent sessions. ETH's $2,300 floor and SOL's $100 round number sit as the proximate technical reference points. Stablecoin supply at $267.5B combined will be the secondary tell — material expansion in either USDC or USDT historically precedes deployment into spot markets, though no such expansion is currently visible on the tape.