ETF Flows Recap

Spot crypto ETFs registered +$56.1M ↑ in net inflows in Tuesday's settled session, extending the 7-day cumulative tally to $173.3M and pushing the trailing 30-day figure to roughly $2.91B. Wednesday's issuer reports have not yet settled.

The composition of Tuesday's tape is the story. Morgan Stanley's MSBT led the board at +$26.3M ↑, followed by Bitwise's solana product BSOL at +$21.6M ↑ and Franklin's XRPZ at +$13.6M ↑. That spread — a bitcoin ticket out of a wirehouse-branded fund, an altcoin product, and an XRP wrapper all sitting in the top three — points to a session driven by issuer-specific allocation rather than a single thematic bid.

  • MSBT (Morgan Stanley): +$26.3M ↑
  • BSOL (Bitwise): +$21.6M ↑
  • XRPZ (Franklin): +$13.6M ↑

On the redemption side, the bleed was shallow and concentrated in legacy product. Grayscale's ETHE lost -$7.6M ↓, BlackRock's IBIT shed -$7.4M ↓, and Fidelity's FETH gave back -$4.7M ↓. An IBIT outflow on a positive aggregate day is worth flagging — it has been the dominant marginal buyer for most of the post-launch period, and small redemptions there alongside inflows into MSBT are consistent with rotation between wrappers rather than net de-risking.

Coverage caveat: SOL flows reflect 6 of 11 funds reporting and XRP flows reflect 2 of 9 funds reporting, with the remaining issuers still settling. Tuesday's altcoin totals should be read as directional, not final.

Asset Price Analysis

Bitcoin trades at $80,501 into Wednesday's open, flat over 24 hours and down 1.2% on the week, though still +8.1% ↑ over 30 days. Price has been capped below $82K and rangebound between roughly $79K and $82K for most of the past week. The 30-day strength remains intact; the weekly fade looks more like consolidation than distribution given the steady, if unspectacular, ETF bid.

Ether reclaimed the $2,300 handle, last at $2,301.24, up +1.2% ↑ on the day but still -2.1% ↓ on the week and -2.9% ↓ on the month. ETH remains the laggard of the majors on a 30-day basis, and the persistent ETHE bleed in Tuesday's tape — alongside FETH redemptions — does little to argue for an imminent shift in that relative-performance picture.

Solana sits at $94.30, flat on the day but +5.8% ↑ on the week and +8.9% ↑ on the month — the strongest of the four majors on both windows. The BSOL ticket fits that backdrop. XRP holds $1.45, up +0.8% ↑ on the day, with the Franklin XRPZ inflow flagged against partial coverage.

Stablecoin Flows

Stablecoin supply ticked in opposite directions overnight. USDT supply rose +$125M ↑ to $189.7B, while USDC contracted -$399M ↓ to $77.1B. On net the dry-powder picture is mildly negative on the session, with the USDC drawdown the more meaningful move and consistent with redemptions on regulated-venue rails rather than fresh capital staging in.

Outlook

The watch items into Wednesday's tape are whether IBIT prints another redemption day and whether MSBT's $26M ticket repeats — a sustained MSBT bid would suggest the wirehouse channel is doing real work rather than a one-day rebalance. On price, $82K remains the level bitcoin has failed to defend on multiple attempts this week; a reclaim there would re-open the $84K area, while a loss of $79K would put the 30-day gain at risk. For ether, the $2,300 reclaim is the first piece of constructive tape in roughly a week — holding it matters more than extending. SOL's relative strength is the cleanest read in the majors; flow confirmation via the still-pending solana wrappers is the next data point.