Market Overview
Crypto markets firmed heading into Thursday's premarket, with bitcoin reclaiming the $61,000 handle and altcoins outpacing the majors. BTC trades at $61,298, up 2.2% on the day but still down 0.6% on the week. SOL led the majors with a +6.2% ↑ 24-hour move to $82.21, extending its 30-day gain to 15.6%. The tape is consistent with rotation into higher-beta names rather than fresh directional conviction across the board.
ETF Flows
Spot bitcoin ETFs recorded -$74.8M ↓ in net outflows in the most recent settled session, per InflowScan data. Issuer reports for Thursday's session have not yet been published and are still settling; the figures below reflect the last fully-reported day. The pattern was concentrated in legacy and lower-fee products, with Grayscale's GBTC and Fidelity's FBTC accounting for the bulk of redemptions while newer issuers absorbed modest bids.
Top inflows:
Top outflows:
- GBTC (Grayscale): -$62.8M ↓
- FBTC (Fidelity): -$51.0M ↓
- ARKB (ARK Invest): -$39.9M ↓
The split — MSBT and Grayscale's cheaper BTC vehicle taking in capital while GBTC bleeds — is consistent with fee-driven rotation rather than a directional exit from bitcoin beta. InflowScan data shows the GBTC-to-BTC intra-issuer migration remains a persistent structural drag on aggregate flow headlines.
Asset Price Analysis
Bitcoin's 2.2% bounce off midweek lows recovers most of the prior session's slippage but leaves the 7-day print marginally negative at -0.6%. The 30-day figure of +13.7% ↑ keeps BTC firmly in the higher regime established in June. Resistance sits at the $62,500 area where prior rallies stalled; support has held around $59,800 on recent tests.
Ether trades at $1,648.60, up +2.5% ↑ on the day but still -3.7% ↓ on the week — the weakest weekly print among the four majors tracked here. The ETH/BTC cross continues to grind lower, a pattern that has historically coincided with ETH-product outflow phases in the spot ETF complex.
Solana at $82.21 is the standout, printing +9.2% ↑ on the week and +15.6% ↑ on the month. XRP holds $1.08, up 2.9% on the day. The relative strength in SOL and XRP versus ETH points to positioning ahead of pending altcoin ETF decisions rather than a broad ETH-substitution trade.
Stablecoin Flows
Aggregate stablecoin supply contracted modestly over the past 24 hours, according to InflowScan data. USDT supply fell $329M to $184.4B; USDC supply declined $202M to $73.2B. A combined ~$531M reduction in dollar-token float is a mild drain on sidelined capital, though the magnitude is small relative to weekly issuance cycles and does not suggest capital flight.
Outlook
Thursday's session brings the first look at post-holiday-week issuer flow data, with reports still settling. Watch whether the GBTC-FBTC-ARKB outflow cluster persists or whether MSBT and IBIT can offset it — a second consecutive net-negative print would be the first back-to-back outflow stretch in three weeks per InflowScan data.
Key levels: BTC $62,500 resistance and $59,800 support; ETH $1,700 as the reclaim level that would repair the weekly damage. On the funding side, whether Binance perpetual funding on SOL cools after the 6.2% rally will indicate whether the move is spot-led or leverage-led. Options positioning into next week's expiry, and any headline flow around pending altcoin ETF timelines, are the near-term catalysts to monitor.