ETF Flows
Spot crypto ETFs logged -$68.5M ↓ in net outflows during Wednesday's settled session, the most recent fully reported tape, according to InflowScan data. Thursday's issuer reports have not yet been published.
Fidelity's FBTC drove the redemption picture, absorbing $54.3 million in exits — roughly four-fifths of the day's net total and the fund's largest single-session outflow in several weeks. Bitwise's BSOL shed $11.6 million, marking a rare outflow day for a Solana product that has been a consistent magnet for inflows over the past month. Fidelity's FETH rounded out the redemption slate at $1.4 million.
- -$54.3M ↓ FBTC (Fidelity)
- -$11.6M ↓ BSOL (Bitwise)
- -$1.4M ↓ FETH (Fidelity)
The 30-day cumulative tally remains net positive at roughly $827 million of inflows across the complex, which frames Wednesday's print as a single-session reversal rather than a regime break. That said, the absence of any offsetting inflow at the top of the leaderboard — no IBIT, no ETHA, no BlackRock counterweight — points to a broad-based pause in fund-level demand rather than an issue isolated to Fidelity.
Asset Prices
Bitcoin trades at $62,562, down -2.5% ↓ over the past 24 hours and -0.6% ↓ on the week. The 30-day picture remains constructive at +13.7% ↑, so the overnight slide registers as a pullback within a still-positive trend rather than a trend break. Spot has slipped back below the $63,000 handle that capped early-week price action.
Ether underperformed, falling -3.4% ↓ to $1,751, with the weekly tape now down -3.7% ↓. The combination of an ETH-led drawdown and quiet ETHA flow data is consistent with positioning unwind rather than fresh allocation rotation.
Solana led the downside on a 24-hour basis at -4.1% ↓, trading at $68.67, though the asset's 7-day return remains +9.2% ↑ and the 30-day picture is the strongest of the majors at +15.6% ↑. The pullback may reflect profit-taking after a fast move higher; BSOL's outflow print is consistent with that read. XRP traded at $1.16, off -3.7% ↓ on the day but holding a +8.4% ↑ monthly gain.
Stablecoin Flows
Stablecoin supply tightened across the two largest issuers, according to InflowScan data. Tether's USDT supply contracted by roughly $713 million to $187.3 billion, the more material of the two moves. USDC supply slipped by about $59 million to $75.9 billion. The combined drawdown is consistent with a marginal reduction in stablecoin-denominated dry powder rather than a meaningful capital exit, but the direction sits alongside Wednesday's ETF outflow and the spot pullback — three data points pointing the same way.
Outlook
The session ahead is shaped by two questions. First, whether Thursday's settled flow data — due in tomorrow's pre-market brief — confirms or reverses Wednesday's $68.5 million redemption print. A second consecutive outflow session would shift the conversation from one-day reversal to a softer demand regime; a rebound back into IBIT or ETHA would reinforce the read that Wednesday was Fidelity-specific noise.
Second, whether bitcoin defends the $62,000 area after losing the $63,000 handle overnight. Key data points to watch: stablecoin supply trajectory across the next 24 hours (further contraction would tighten the liquidity picture), and whether Solana's intraday weakness extends through Asia hours given its outsized 30-day gain. The 30-day cumulative flow cushion of $827 million provides context: Wednesday's print is the smallest crack in a month of net buying, not a structural break.