ETF Flows

Spot crypto ETFs logged -$125.1M ↓ in net outflows in Thursday's settled session, according to InflowScan data. That is the most recent fully-reported tape; Friday's issuer numbers have not yet settled and will land in tomorrow's report.

The damage was concentrated in two BlackRock products. IBIT alone accounted for the bulk of the bleed, with ETHA adding to the redemption picture on the ether side. Inflows were scattered and small, dominated by altcoin products rather than the majors.

  • IBIT (BlackRock): -$103.6M ↓
  • ETHA (BlackRock): -$38.0M ↓
  • XRPC (Canary Capital): +$6.5M ↑
  • FSOL (Fidelity): +$3.9M ↑
  • ETHB (BlackRock): +$3.3M ↑

Zoom out and the picture softens. The 30-day cumulative still sits at +$1.43B in net inflows per InflowScan data, so Thursday's exit reads as a single-session withdrawal rather than a trend break. The concentration in IBIT is the more telling detail — when a single fund drives 83% of total outflows, the pattern is consistent with one-off rebalancing rather than broad-based de-risking across issuers.

Asset Price Analysis

Bitcoin trades at $77,466 heading into Friday's open, down 0.2% on the day and 0.6% over the week, but still holding a 13.7% gain over 30 days. Ether sits at $2,132.76, flat on the session and down 3.7% on the week — the weakest performer among the majors despite the steadier flow profile.

The altcoin tape tells a different story. Solana trades at $87.64, up 9.2% on the week and 15.6% on the month, outpacing both majors. XRP holds at $1.37, up 1.7% weekly. The relative-strength gap between SOL and ETH is now the widest it has been this quarter, and it lines up with the small but persistent ETF inflows into FSOL and XRPC against the ETHA redemption stream.

For bitcoin, the $77,000 handle has acted as a floor through Thursday and Friday's pre-market hours. A break below would put the prior consolidation zone in focus; reclaiming $78,500 would re-open the recent range high.

Stablecoin Pulse

Stablecoin supply expanded sharply on the USDC side, adding +$761.7M ↑ in the past 24 hours to $77.1B, per InflowScan data. USDT was nearly flat at $189.6B. The USDC print is the largest single-day expansion in roughly two weeks and is historically associated with fresh capital staging on-exchange rather than rotation out of risk.

The divergence between heavy USDC issuance and a soft ETF tape is the more interesting data point this morning. Dry powder is building even as the regulated wrapper sees redemptions — consistent with capital choosing direct on-chain venues over the ETF rails for now.

Outlook

Three data points to watch into Friday's close and Monday's settlement. First, whether Friday's flow tape (reported Monday) confirms or reverses the IBIT outflow — a second consecutive session of $100M+ redemptions would mark the first such back-to-back run since April. Second, the $77,000 BTC level; a clean break would test whether the 30-day uptrend remains intact. Third, the USDC supply trajectory — sustained expansion above current levels has historically preceded re-engagement with spot ETF products on a 3-to-5-day lag.

On the ether side, the ETHA redemption stream against a flat price tape suggests holders are exiting into stable bids rather than forced selling. If that pattern continues, the divergence between ETH spot and ETH ETF flows becomes the lead story into next week.