ETF Flows Recap

Spot crypto ETFs ended Monday's settled session with -$126.7M ↓ in net outflows, according to InflowScan data. Tuesday's issuer reports are still settling and will appear in tomorrow's recap.

Grayscale's GBTC drove the entire net figure, shedding $124M in a single session — the fund's largest daily exit in several weeks. The bleed in GBTC was partially offset by inflows into Grayscale's lower-fee BTC Mini Trust (+$10.6M ↑) and Morgan Stanley's MSBT (+$9.4M ↑), pointing to intra-issuer rotation rather than a wholesale exit from bitcoin exposure.

  • Top inflows: BTC (Grayscale Mini) +$10.6M ↑, MSBT (Morgan Stanley) +$9.4M ↑, FSOL (Fidelity) +$2.7M ↑
  • Top outflows: GBTC (Grayscale) -$124M ↓, FBTC (Fidelity) -$8.7M ↓, ARKB (ARK Invest) -$6.6M ↓

The GBTC-to-Mini Trust pattern has been a recurring feature of the bitcoin ETF complex since the Mini's launch, with cost-conscious holders migrating to the cheaper wrapper. Stripping out that intra-Grayscale flow, the underlying picture is closer to a $13M net outflow — meaningfully less dramatic than the headline figure suggests.

Asset Price Analysis

Bitcoin trades at $66,478 entering Tuesday's session, up 0.2% over 24 hours and down 0.6% on the week. The 30-day picture remains constructive at +13.7%, with the asset holding well above the $64,000 zone that capped prior consolidations. The lack of a price reaction to Monday's headline outflow figure is consistent with the intra-issuer rotation read.

Ether sits at $1,799, the weakest performer over the trailing week at -3.7%. ETH has lagged bitcoin meaningfully on the 30-day window (+3.7% versus BTC's +13.7%), and the asset has yet to reclaim the $1,850 level decisively. Solana continues to outperform, trading at $74.67 with a +9.2% weekly gain and +15.6% over 30 days. XRP holds the $1.24 handle, rangebound but up 8.4% on the month.

Stablecoin Flows

USDC supply expanded by $120M in the past 24 hours to $75.0B, while USDT contracted modestly by $28M to $186.4B, according to InflowScan data. The net stablecoin picture is roughly flat — neither a clear dry-powder build nor a deployment signal.

Outlook

Tuesday's settled flow data, due in tomorrow's pre-market brief, will clarify whether Monday's GBTC exit was a one-off rebalance or the start of a broader redemption stretch. Key levels to watch: BTC support at $65,000 and resistance at $68,000, with ETH's $1,850 reclaim still the open question for the relative-strength trade. Solana's outperformance bears monitoring — sustained leadership from SOL while BTC ranges has historically been associated with a broadening of the crypto-beta trade rather than narrow bitcoin dominance.