ETF Flows Recap

Spot crypto ETFs logged +$36.1M ↑ in net inflows during Wednesday's settled session, according to InflowScan data. Issuer reports for Thursday have not yet been published; the settled picture below reflects the most recent complete session.

The composition tells a sharper story than the headline. Fidelity's FETH absorbed +$69.2M ↑, the standout inflow of the tape, while Grayscale's high-fee GBTC shed -$63.7M ↓. Grayscale's low-fee BTC product offset much of that with +$52.8M ↑, consistent with the intra-issuer fee migration pattern that InflowScan data has flagged across recent sessions rather than a directional exit from bitcoin exposure.

  • Top inflows: FETH (Fidelity) +$69.2M ↑; BTC (Grayscale) +$52.8M ↑; ETHV (VanEck) +$1.3M ↑
  • Top outflows: GBTC (Grayscale) -$63.7M ↓; FBTC (Fidelity) -$14.9M ↓; BSOL (Bitwise) -$6.6M ↓

FBTC's -$14.9M ↓ redemption alongside FETH's +$69.2M ↑ intake at the same issuer points to Ethereum-favored positioning at Fidelity's desk specifically, not a firm-wide risk shift. On the Solana complex, Bitwise's BSOL was the sole material outflow, a modest tap given SOL's 9.2% weekly gain — the pattern is consistent with profit-taking rather than a reversal in conviction.

Asset Price Analysis

Bitcoin trades at $62,788 heading into Thursday's US open, up 0.8% on the day and down 0.6% on the week. The 30-day tape remains the more relevant frame: BTC is +13.7% ↑ over that window, and the current handle sits comfortably above the $60,000 psychological level that acted as resistance through late June.

Ether is flat at $1,743.96, printing 0.0% over 24 hours and -3.7% ↓ on the week despite Wednesday's settled FETH inflow. The divergence — ETF demand into a sideways-to-soft spot tape — suggests fund-of-fund routing and rebalance flows rather than momentum chasing. ETH's 30-day return of +3.7% ↑ continues to lag BTC's by roughly ten points.

Solana is the standout on the medium-horizon read: $77.62, off 0.3% on the day but +9.2% ↑ over the week and +15.6% ↑ over 30 days. XRP holds $1.09, up 1.7% on the week and 8.4% over the month.

Stablecoin Flows

USDT supply expanded by +$1.14B ↑ over the past 24 hours to $184.1B, according to InflowScan data — the largest single-day USDT mint of the current week and historically associated with sidelined capital positioning ahead of directional moves. USDC contracted by -$110M ↓ to $73.3B, a modest offset that leaves the aggregate stablecoin float meaningfully higher on the session.

Outlook

Thursday's session opens with the settled flow tape leaning constructive, an expanding USDT float, and BTC holding the $62,000 handle. Key data points to watch: whether Thursday's issuer reports (settling overnight into Friday's briefing) confirm the GBTC→BTC fee-migration pattern or show a genuine bid returning to the higher-fee complex; whether FETH's outsized intake extends into a multi-session streak; and whether SOL can defend the $77 level after a 9.2% weekly advance. Levels of interest: BTC support at $62,000, resistance at $64,500; ETH support at $1,720, resistance at $1,800.