ETF Flows Recap
Spot crypto ETFs logged -$70.1M ↓ in net outflows in Wednesday's settled session, according to InflowScan data. The redemption picture was concentrated in legacy Grayscale products and one Fidelity ether fund, with newer issuers absorbing modest inflows on the other side of the tape. Thursday's issuer prints have not yet settled and will land in Friday's pre-market.
The outflow ledger was dominated by three names:
On the inflow side, Grayscale's newer, lower-fee BTC product pulled in +$30.4M ↑, partially offsetting the GBTC exit and consistent with the multi-quarter fee-migration pattern InflowScan data has flagged since GBTC's conversion. Morgan Stanley's MSBT added +$7.3M ↑ and Bitwise's BITB saw +$4.2M ↑.
Ether products carried the heavier bleed on a net basis, with FETH and ETHE combining for roughly $49.7M of redemptions and no ether fund reporting meaningful subscriptions. The split points to ETH-specific repositioning rather than a broad complex-wide de-risking, particularly given the offset within Grayscale's bitcoin lineup.
Asset Price Analysis
Bitcoin holds the $77,000 handle at $77,942, up 0.8% over 24 hours and down 0.6% on the week. The 30-day gain of 13.7% remains intact, and the tape has traded rangebound between roughly $77,000 and $79,000 through the back half of the week. Ether prints $2,406, up 0.6% intraday but off 3.7% on the week — the weakest weekly performance among the majors and consistent with the ether-heavy outflow profile in Wednesday's settled ETF data.
Solana continues to outperform, trading at $100.78 with a 9.2% weekly gain and 15.6% advance over 30 days, reclaiming the $100 handle. XRP adds 1.6% to $1.37, up 8.4% on the month. The relative-strength picture — SOL and XRP leading, ETH lagging, BTC drifting — has held for the better part of two weeks and is showing up cleanly in the flow data.
Stablecoin Flows
USDC supply expanded by +$175M ↑ to $73.9B and USDT added +$5.5M ↑ to $183.3B in the last 24 hours, per InflowScan data. The mint pace on USDC continues to run ahead of USDT on a proportional basis, which historically has been associated with dollar-onramp activity from U.S. institutional venues rather than offshore perpetual-market financing.
Outlook
Focus for Thursday's session sits on whether Wednesday's ether-heavy outflow print extends into a second consecutive redemption day when Friday's settled data lands. FETH and ETHE are the tickers to watch — a repeat of Wednesday's pace would mark the sharpest two-day ether-ETF exit since mid-August. On the bitcoin side, GBTC-to-BTC rotation flow remains the dominant intra-issuer signal, and its persistence is worth tracking separately from headline net-flow figures.
Levels to watch: BTC support at $77,000 with resistance at the $79,000 top of the recent range; ETH is capped below $2,450 with the $2,380 area serving as near-term support. SOL trades above the reclaimed $100 handle. No first-tier macro data prints are scheduled for the U.S. session.