ETF Flows Recap

Spot crypto ETFs absorbed $26.2 million in net inflows ↑ in Wednesday's settled session, with the bid concentrated almost entirely in bitcoin products, according to InflowScan data. Issuer reports for Thursday's session have not yet published; the figures below reflect the most recent fully-settled tape.

Fidelity's FBTC led the board and Grayscale's legacy BTC trust — historically a source of redemptions — logged a rare $10M inflow, a pattern more consistent with fund-of-fund routing than retail rotation.

  • FBTC (Fidelity): +$16.9M ↑
  • BTC (Grayscale): +$10.0M ↑
  • FSOL (Fidelity): +$0.5M ↑

Outflows were negligible, with only Grayscale's GSOL registering a modest -$1.2M ↓ redemption. The absence of any ether ETF flow print in the tape stands out given ETH's 1.7% decline on the session — allocators neither defended nor abandoned the product line.

Asset Price Analysis

Bitcoin trades at $64,245, down 0.8% over 24 hours and 0.6% on the week, though the 30-day picture remains constructive at +13.7%. The tape suggests a consolidation phase rather than a directional break; price has held the $64K handle through the pullback.

Ether at $1,884.56 is the weakest of the majors, down 1.7% on the day and 3.7% on the week. The ETH/BTC cross continues to grind lower, a dynamic historically associated with capital rotating into bitcoin-first exposure — a pattern the Wednesday flow tape reinforces.

Solana at $76.25 is off 1.4% on the day but up 9.2% on the week and 15.6% on the month, the best 30-day print in the majors. XRP holds $1.11, little changed at -0.4%.

Stablecoin Flows

USDT supply contracted by -$156.3M ↓ to $184.1B in the past 24 hours, while USDC held effectively flat at $73.2B, per InflowScan data. The USDT drawdown, in isolation, is not large enough to signal broad deleveraging, but it does mark the first meaningful supply contraction of the week — a data point worth tracking if it extends.

Outlook

Focus into Thursday's session sits on whether the FBTC-led bid extends or fades. Bitcoin's $64K handle is the near-term reference level; a failure to defend it would put the 30-day gain at risk of compression. On the upside, $66K marks the recent congestion zone.

For ether, the $1,880 area is the level to watch — a break below would extend the ETH/BTC underperformance and likely test whether ether ETFs see fresh redemptions when Thursday's flow tape settles overnight. Solana's momentum print is the standout on the week; whether that translates into sustained SOL ETF inflows beyond FSOL's token print is the question the next 48 hours of settled data will answer.