ETF Flows Recap

Spot crypto ETFs registered -$207M ↓ in net outflows in Wednesday's settled session, according to InflowScan data. Issuer reports for Thursday's session have not yet been published; the figures below reflect the most recent fully settled tape.

Grayscale's GBTC led redemptions at -$104.8M ↓, followed by Fidelity's FBTC at -$60.3M ↓ and Bitwise's BITB at -$17.5M ↓. On the inflow side, Morgan Stanley's MSBT took in +$4.3M ↑ and VanEck's VSOL added +$0.6M ↑ — modest figures that did little to offset the redemption pressure.

  • GBTC: -$104.8M ↓
  • FBTC: -$60.3M ↓
  • BITB: -$17.5M ↓
  • MSBT: +$4.3M ↑
  • VSOL: +$0.6M ↑

The 30-day cumulative figure remains in positive territory at +$776M, suggesting the latest session is a pullback within an inflow regime rather than a regime change, per InflowScan data. That said, the concentration in two Grayscale and Fidelity products points to bitcoin-specific repositioning, not a broad-based exit. Coverage was partial across the BTC, ETH, SOL, and XRP fund universes as of the cut, with newer data still settling.

Asset Price Action

Bitcoin trades at $73,511, off 1.3% over 24 hours and 0.6% on the week, though still +13.7% over 30 days. Ether sits at $1,989.81, down 1.7% on the day and 3.7% on the week — the weakest weekly performer among the majors. Solana at $80.92 slipped 1.8% intraday but holds a +9.2% weekly gain and is up 15.6% on the month, the strongest 30-day mover. XRP at $1.29 is down 1.4% on the day, up 1.7% on the week.

The cross-asset pattern is consistent with a coordinated session of profit-taking after a strong monthly run, with no single asset showing dislocation. Bitcoin's pullback comes against the backdrop of yesterday's $207M in ETF redemptions; the alignment between flow direction and price suggests the redemption pressure was a contributing factor rather than a coincident move. ETH's weekly underperformance, with no Ethereum ETF inflow offset in the latest session, is the standout: solana and XRP are both higher on the week despite a broadly soft tape.

Stablecoin Pulse

USDT supply contracted by -$148M ↓ to $189.1B over the past 24 hours, while USDC fell -$134M ↓ to $76.5B, according to InflowScan data. Modest contractions in both major stablecoins are consistent with mild risk-off positioning and align with the soft price tape. The combined ~$280M reduction is small relative to the total float and does not yet point to sustained dry-powder rebuild or deployment.

Outlook

The watch-item into Thursday's open is whether issuer reports for today's session, published overnight into Friday, show the GBTC-FBTC redemption pattern extending or fading. Two consecutive sessions of $100M+ outflows from the same two products would represent a more durable shift in positioning; a single session reads as profit-taking after the 30-day run.

For bitcoin, the $73,000 handle is the near-term reference level — a sustained break below would put the round $70,000 figure in focus. Ether's underperformance bears watching given the absence of any ETHA or FETH offset in yesterday's flow tape; if Ethereum-fund redemptions begin to appear in the next settled session, the ETH-specific weakness would have a clearer flow attribution. Solana's monthly outperformance against a tape of bitcoin outflows is the structural anomaly worth tracking — VSOL's $0.6M inflow is too small to be a signal, but the price action is consistent with positioning rotation within crypto rather than rotation out of crypto.