ETF Flows

Spot crypto ETFs registered -$82M ↓ in net outflows in Wednesday's settled session, the most recent issuer data available, according to InflowScan. Thursday's prints are still settling and will publish in tomorrow's pre-market.

The exit was a Grayscale story. GBTC shed $87.9 million, the single largest redemption across the complex, while Grayscale's lower-fee BTC product pulled in $17.5 million — consistent with the fund-to-fund migration pattern that has defined the issuer's flow profile for most of the year. Fidelity ran in opposite directions on its two products: FBTC absorbed $4 million while FETH gave back $16.6 million.

  • BTC (Grayscale): +$17.5M ↑
  • FBTC (Fidelity): +$4M ↑
  • BTCW (WisdomTree): +$1M ↑
  • GBTC (Grayscale): -$87.9M ↓
  • FETH (Fidelity): -$16.6M ↓

The 30-day cumulative still sits at a modest $24.7 million net inflow, per InflowScan data — a thin cushion that suggests the complex has been treading water rather than pulling in fresh institutional bid through the month.

Asset Price Analysis

Bitcoin trades at $63,110 Thursday morning, up 2.6% over 24 hours but still off 0.6% on the week. The 30-day picture is the one to anchor on: BTC is +13.7% over that window, meaning Wednesday's outflows landed against a multi-week price advance — a pattern more consistent with profit-taking by legacy GBTC holders than a broader risk-off rotation.

Ether trades at $1,666.87, up 2.8% on the day but down 3.7% on the week, the weakest seven-day return among the four majors. Solana continues to lead: SOL prints $65.89, up 4.3% on the day, 9.2% on the week, and 15.6% over 30 days. XRP holds the $1.12 handle, up 2.3% on the day.

The cross-asset read is that altcoin beta is doing the heavy lifting this week while BTC consolidates above $63,000 and ETH lags. Resistance for bitcoin sits at the $64,000 round-number area; support to watch is $62,000.

Stablecoin Flows

Stablecoin aggregates contracted modestly. USDC supply slipped $86 million to $75.0 billion, while USDT shed $17.7 million to sit at $186.7 billion, according to InflowScan data. The combined draw is small in context but breaks the pattern of dollar-token expansion seen earlier in the month — a soft signal that dry powder is not actively building into Thursday's session.

Outlook

The key item for Thursday's tape is whether the GBTC redemption pulse extends or fades. A second consecutive nine-figure outflow from the legacy product would weigh against the price strength visible across BTC and SOL; a clean print closer to flat would be consistent with the rotation-not-exit read.

Levels to watch: BTC resistance at $64,000, support at $62,000. ETH needs to defend $1,650 to keep the weekly drawdown contained. On the flow side, watch for whether ETHA returns to the inflow column after FETH's $16.6 million Wednesday exit — divergence between the two largest spot ETH products has been a useful read on issuer-specific positioning.