ETF Flows Recap

Spot crypto ETFs logged -$29M ↓ in net outflows in Tuesday's settled session, according to InflowScan data. Wednesday's issuer reports are still settling and will be captured in Thursday's brief. The Tuesday tape was defined by a single fund: Fidelity's FBTC shed $43.7 million, more than absorbing modest bids across the rest of the complex.

Top inflows and outflows for Tuesday, September 1:

  • BITB (Bitwise): +$8.4M ↑
  • BSOL (Bitwise): +$6.2M ↑
  • FETH (Fidelity): +$4.8M ↑
  • FBTC (Fidelity): -$43.7M ↓
  • ETHE (Grayscale): -$7.4M ↓

The split is worth flagging. Bitwise took bids across both bitcoin and solana products while Fidelity's FBTC absorbed the session's entire net redemption. That pattern is more consistent with issuer-level rotation than a broad risk-off shift — particularly with BITB posting inflows on the same tape where FBTC bled. Grayscale's ETHE outflow extends a familiar drip; the fund has been a persistent source of ether ETF supply since conversion.

Market Overview

Prices leaned softer across the majors heading into Wednesday's open. Bitcoin sits at $76,822, down 0.8% on the day and 0.6% over the week, though still holding a 13.7% gain over the past 30 days. Ether underperformed at $2,380, off 1.5% on the day and 3.7% on the week. The relative weakness in ETH against a resilient BTC has been the through-line of the past week.

Asset Price Analysis

Bitcoin is rangebound between the mid-$76K area and last week's highs near $78K, with the $77K handle acting as near-term pivot. The 30-day gain remains intact, but momentum has flattened as the pair digests the August advance. Ether at $2,380 has given back most of its late-August pop and is testing the lower end of its recent range; the 7-day decline of 3.7% is the largest among the four majors tracked.

Solana continues to outperform on a rolling basis. At $98.06, SOL is down 1.9% on the day but up 9.2% on the week and 15.6% over 30 days. The strength shows up in the flow data too — BSOL's $6.2M bid on Tuesday was the second-largest single-fund inflow of the session. XRP at $1.33 slipped 2.0% on the day but retains a modest 30-day gain of 8.4%.

Stablecoin Flows

Stablecoin supply grew modestly, with USDC adding $141M and USDT flat at +$0.7M over 24 hours, according to InflowScan data. Aggregate supply sits at $73.7B for USDC and $183.3B for USDT. The USDC-led expansion is consistent with dry-powder rebuilding rather than aggressive deployment, though a single day of growth is a thin signal.

Outlook

Watch three data points into Wednesday's close. First, whether FBTC's Tuesday redemption was a one-day event or the start of a Fidelity-specific rotation — a second consecutive session of net outflows would harden that read. Second, ether's ability to defend the $2,350 area; further weakness there would leave ETH testing support that last held in mid-August. Third, whether Solana's inflow leadership at Bitwise persists as SOL digests its 15.6% monthly gain.

Wednesday's issuer flow data will settle overnight and lead Thursday's Pre-Market brief.