ETF Flows Recap

Spot crypto ETFs absorbed -$108.2M ↓ in Friday's settled session, the most recent issuer data available as Monday's US market holiday delays fresh prints, according to InflowScan data. The outflow ended what had been a constructive run for bitcoin products earlier in the month and was driven almost entirely by two funds.

BlackRock's IBIT led redemptions at -$70.3M ↓, followed by Fidelity's FBTC at -$37.1M ↓. Combined, the two products accounted for roughly 99% of Friday's net outflow figure — a concentration that points to fund-of-fund routing or single-allocator rebalancing rather than a broader exit, per InflowScan data.

On the ether side, BlackRock's ETHA shed -$5.8M ↓, a modest print relative to recent sessions. Solana products were the lone bright spot. Fidelity's FSOL took in +$3.5M ↑, Bitwise's BSOL added +$2.3M ↑, and Canary Capital's SOLC logged a smaller +$0.2M ↑.

  • Top inflows: FSOL +$3.5M ↑, BSOL +$2.3M ↑, SOLC +$0.2M ↑
  • Top outflows: IBIT -$70.3M ↓, FBTC -$37.1M ↓, ETHA -$5.8M ↓

Zooming out, the 30-day cumulative print remains positive at +$1.35B, per InflowScan data. Friday's redemption is consistent with profit-taking into a long US holiday weekend rather than a regime change, though the divergence between bitcoin outflows and solana inflows points to selective rotation lower on the market-cap curve.

Asset Price Analysis

Bitcoin trades at $77,364, up +0.4% ↑ on the day but off -0.6% ↓ on the week. The 30-day picture remains the standout: BTC is up +13.7% ↑ over the trailing month, and Friday's ETF redemption arrives against that backdrop of recently-built gains.

Ether sits at $2,114.95, up +0.7% ↑ in 24 hours but the weakest of the majors on the week at -3.7% ↓. ETH/BTC has continued to drift lower, and Friday's modest ETHA outflow extends the pattern of softer ether-product demand seen through mid-May.

Solana is the clear leader. SOL trades at $85.77, up +9.2% ↑ on the week and +15.6% ↑ on the month — outperformance that coincides with the only positive ETF flow prints in Friday's data. XRP holds $1.36, up +1.7% ↑ on the week.

Key levels into the holiday-shortened week: BTC has support at the $77,000 handle that held through Friday's session and resistance into $80,000, a level last tested earlier in May. ETH faces resistance at $2,200 with $2,050 the line that defines the recent range.

Stablecoin Flows

Stablecoin supply contracted modestly over the last 24 hours, with USDT down -$87.9M to $189.4B and USDC down -$37.5M to $76.5B, per InflowScan data. The combined contraction is small in percentage terms but breaks the pattern of steady mint activity seen earlier in the month — historically associated with pauses in directional positioning rather than active de-risking.

Outlook

Monday is a US market holiday (Memorial Day), so equity markets and ETF issuer reporting are closed. The next settled ETF print arrives Tuesday evening covering Tuesday's session, with Friday's redemption serving as the reference point until then.

Levels to watch: BTC's defense of $77,000 through thin holiday liquidity, ETH's $2,100 handle, and whether solana products extend Friday's modest inflow streak when issuer data resumes. On the macro side, the truncated week features the second estimate of Q1 GDP on Thursday and PCE inflation Friday — the latter being the key data point ahead of the June FOMC.