ETF Flows Recap
Spot crypto ETFs logged -$286.5M ↓ in net outflows during Thursday's settled session, according to InflowScan data. Bitcoin products absorbed the bulk of the redemptions, with ARK Invest's ARKB leading exits at -$164.3M ↓ — the fund's largest single-day redemption in more than a month. Grayscale's GBTC and Fidelity's FBTC followed at -$36.4M ↓ and -$33.6M ↓ respectively, concentrating outflows in three products.
Inflows were thin and scattered across altcoin vehicles. Franklin's XRPZ led with +$5.1M ↑, followed by Morgan Stanley's MSBT at +$4.0M ↑ and Fidelity's FSOL at +$0.9M ↑. The composition of the tape — bitcoin heavy on the redemption side, XRP and Solana products on the inflow side — is consistent with fund-level rotation rather than a broad risk-off shift.
- ARKB (ARK Invest): -$164.3M ↓
- GBTC (Grayscale): -$36.4M ↓
- FBTC (Fidelity): -$33.6M ↓
- XRPZ (Franklin): +$5.1M ↑
- MSBT (Morgan Stanley): +$4.0M ↑
Friday's issuer reports are still settling and will be published in Monday's pre-market brief.
Asset Price Analysis
Bitcoin trades at $77,023 heading into Friday's session, up +0.7% ↑ over 24 hours but off -0.6% ↓ on the week. The 30-day picture remains strong at +13.7% ↑, which frames the current chop as consolidation rather than a trend break. Price held firm through Thursday's $286M redemption tape — a divergence that suggests spot bid absorbed the ETF supply.
Ether sits at $2,458.56, up +0.9% ↑ on the day and lagging BTC on the 30-day at +3.7% ↑ versus 13.7%. The relative underperformance has persisted for several weeks and continues to weigh on ETH-heavy ETF positioning. Solana leads the majors, trading at $99.56 with a 30-day gain of +15.6% ↑, and remains capped just below the $100 handle. XRP holds $1.33, down modestly on the day but up +8.4% ↑ over 30 days — a move that aligns with the incremental XRPZ inflow print.
Key levels into the weekend: BTC support sits at $75,500 with resistance at the $78,000 zone that has capped price for the past week. SOL faces a well-defined test at $100.
Stablecoin Flows
USDT supply expanded by +$87.2M ↑ to $183.5B, while USDC contracted -$218.8M ↓ to $74.2B, according to InflowScan data. The net stablecoin picture is roughly flat to slightly negative — dry powder is neither building meaningfully nor being deployed at pace, which is consistent with the sideways price action across the majors.
Outlook
The setup into Friday centers on whether spot demand continues to absorb ETF redemptions or whether the ARKB-led exits mark the start of a broader de-risking pattern. Watch for BTC to defend the $75,500 area; a break lower would shift the read on this week's flow-price divergence. On the upside, a reclaim of $78,000 would signal that the Thursday tape was isolated to fund-level rotation.
Data points to monitor: SOL's test of the $100 handle, ETH's ability to hold $2,400, and the next USDC supply print for confirmation of dry-powder direction. Monday's pre-market brief will publish Friday's settled ETF flows — the key question is whether ARKB's outsized redemption was a one-day event or the beginning of a multi-session trend.