ETF Flows
Spot crypto ETFs logged -$57.3M ↓ in net outflows in Tuesday's settled session, according to InflowScan data. Issuer reports for Wednesday's session have not yet been published and continue to settle overnight.
Redemptions were concentrated in a familiar name. Grayscale's GBTC shed $65.5 million, more than offsetting inflows elsewhere in the complex. Fidelity's FBTC saw $17.1 million in exits, and Invesco's BTCO logged $4.7 million out. The pattern is consistent with fee-driven rotation rather than broad de-risking, given GBTC's outsized share of the day's outflow tape.
On the inflow side, three products absorbed capital:
The MSBT print is worth flagging. Morgan Stanley's wirehouse product has been a steadier bid than the deeper-liquidity majors of late, which points to fresh advisor-channel allocation rather than fast-money flow.
Asset Prices
Bitcoin trades at $79,338 heading into the U.S. open, up 1.2% over 24 hours but still down 0.6% on the week. The 30-day gain of 13.7% remains the cleanest read on the trend — spot has now clawed back most of August's drawdown despite the choppy flow tape.
Ether sits at $2,502, up 0.7% on the day but lagging on the week at -3.7%. The BTC/ETH divergence has widened materially over 30 days, with ETH up only 3.7% against bitcoin's 13.7%. Flows have echoed that split: bitcoin products have absorbed the bulk of net inflows across the past two weeks, per InflowScan data.
Elsewhere in majors, SOL at $104.32 leads the tape, up 9.2% on the week and 15.6% on the month. XRP holds $1.43, up 1.7% weekly. Both are outperforming ETH, extending a rotation pattern that has run through late August.
For bitcoin, the $80,000 handle remains the near-term reference level; spot has traded around it for most of the past ten sessions without a decisive break.
Stablecoin Flows
Stablecoin supply expanded modestly. USDC added $124 million to reach $74.5 billion, while USDT grew by $22 million to $183.4 billion, according to InflowScan data. The tempo is neither aggressive minting nor redemption pressure — dry powder is holding roughly steady, consistent with a market in wait-and-see mode rather than one positioning for a directional move.
Outlook
Wednesday's session brings the next settled flow print, which will show whether Tuesday's GBTC-led outflow was idiosyncratic or the start of a broader BTC rotation. Watch whether MSBT and BITB continue absorbing on the inflow side — persistent wirehouse-channel bids have historically been associated with stickier positioning than fast-money flow.
Key data points to watch: the $80,000 level on bitcoin, ETH's ability to hold $2,500, and whether SOL's 9%+ weekly outperformance draws follow-through flow into spot solana products once fund coverage refreshes.