Market Overview
Bitcoin enters Friday's session pinned at $65,064, unchanged over 24 hours and down 0.6% on the week, but still holding a +13.7% gain over the trailing 30 days. Ether trades at $1,883, up 0.3% intraday but off 3.7% on the week. The flat tape into the US open coincides with light, mixed ETF flow readings from the prior settled session and a second consecutive day of stablecoin supply contraction.
ETF Flows
Spot crypto ETFs logged -$7.7M ↓ in net outflows in the most recent settled session on Thursday, July 23, according to InflowScan data. Issuer reports for Friday's session are still settling and will land in Monday's pre-market brief. Coverage on the Thursday tape remains partial, so treat the composition as directional rather than final.
The split points to Fidelity-led ether demand offsetting a broader bitcoin bleed. FETH absorbed the day's largest bid, while three separate bitcoin products registered outflows of roughly equal size — a pattern more consistent with cross-issuer rebalancing than with a single-name redemption event.
Top inflows (settled session):
- FETH (Fidelity ether): +$14.9M ↑
- MSBT (Morgan Stanley bitcoin): +$5.0M ↑
Top outflows (settled session):
Fidelity appearing on both sides of the tape — the largest inflow through FETH and the second-largest outflow through FBTC — is consistent with intra-issuer rotation from bitcoin exposure into ether exposure rather than a firm-wide redemption.
Asset Price Analysis
Bitcoin's 24-hour range has compressed around the $65,000 handle, with the weekly loss of 0.6% masking a 30-day advance of 13.7% that still leaves the tape well inside its recent higher range. The 7-day drift lower alongside flat 24-hour prints points to consolidation rather than distribution.
Ether at $1,883 is the weakest of the majors on a 7-day basis at -3.7% ↓, though Thursday's FETH bid suggests some issuer-level demand is stepping into the pullback. Solana continues to lead the majors, printing $75.17 with a +9.2% ↑ weekly gain and +15.6% ↑ over 30 days. XRP holds the $1.10 handle, up +1.7% ↑ on the week.
SOL's outperformance against a flat BTC and a softer ETH is the cleanest divergence on the board. Support for bitcoin sits at the recent $64,000 shelf; resistance caps below the $66,500 area that defined last week's highs.
Stablecoin Flows
USDT supply contracted by -$1.06B ↓ over the last 24 hours to $183.1B, with USDC down -$294M ↓ to $74.1B, InflowScan data shows. The combined $1.35B reduction in stablecoin float is the second consecutive session of net contraction and points to dry powder leaving the on-chain system rather than building. Historically, sustained stablecoin supply drawdowns alongside flat spot prices have been associated with distribution phases rather than accumulation.
Outlook
Watch for Friday's settled ETF tape in Monday's brief — a second consecutive session of net outflows would break the recent bid pattern that carried bitcoin through its 30-day advance. Levels to watch on bitcoin: the $64,000 weekly support and the $66,500 ceiling. On ether, the $1,850 area caps the recent pullback range. Also worth tracking: whether stablecoin supply stabilizes or extends its two-day contraction, and whether SOL's relative strength holds without an ETF flow catalyst — the SOL product complex has yet to print meaningful settled flows this week.