ETF Flows Recap

Spot bitcoin ETFs registered +$129.8M ↑ in net inflows during Thursday's settled session, according to InflowScan data. Friday's issuer reports have not yet published; the numbers below reflect the most recent fully-settled session.

Fidelity's FBTC did the heavy lifting, pulling in nearly half the day's aggregate bid. Bitwise's BITB and ARK's ARKB added supporting inflows, while VanEck's HODL was the only product to see meaningful redemptions. The concentration of inflows across three issuers — with BlackRock's IBIT absent from the top-three ranking — suggests the day's demand came from fund-of-fund routing and RIA channels rather than a single large allocator.

  • FBTC (Fidelity): +$64.7M ↑
  • BITB (Bitwise): +$26.4M ↑
  • ARKB (ARK Invest): +$12.2M ↑
  • HODL (VanEck): -$3.6M ↓

Asset Price Analysis

Bitcoin trades at $76,754 into Friday's cash open, up +5.0% ↑ over 24 hours and extending the 30-day gain to +13.7% ↑. The 7-day tape is fractionally lower at -0.6% ↓, which frames Thursday's move as a reclaim rather than a fresh breakout — price is back at the top of the range it has held for most of the month.

Ether lagged the tape, trading at $2,370 with a +1.8% ↑ 24-hour print but still -3.7% ↓ on the week. The BTC/ETH relative-strength gap widened again on Thursday, a pattern consistent with prior episodes where new capital has favored bitcoin beta over ether.

Solana added +2.8% ↑ to $90.30, holding a +9.2% ↑ weekly gain. XRP led the majors with a +6.5% ↑ session to $1.35. The rotation into higher-beta alts on a day when BTC also gained 5% points to broad-based risk appetite rather than a defensive bid.

Stablecoin Flows

USDC supply expanded by +$434M ↑ to $72.9B over the past 24 hours, while USDT was effectively flat at $183.0B, per InflowScan data. The USDC mint pace suggests fresh on-exchange dry powder is building on the regulated-issuer side — historically associated with US-desk demand rather than offshore leverage.

Outlook

Friday's settled flow print, due Monday morning, is the key follow-through data point. A second consecutive session of BTC ETF inflows would extend the streak; a reversal would frame Thursday as a one-day rebalance. On the tape, bitcoin faces prior-range resistance in the $77K-$78K zone, with $75K as the reclaim level to defend. Ether's inability to keep pace with bitcoin's move remains the cleanest read on relative positioning — a close back above $2,450 would be the earliest signal that the BTC-only bid is broadening.

No major macro catalysts are scheduled for the US session. Options positioning and perpetual funding into the weekend will set the tone for the next flow window.