ETF Flows Recap
Tuesday's settled tape showed spot crypto ETFs shedding -$344.1M ↓ in aggregate, per InflowScan data. Wednesday's issuer prints are still settling and will land in tomorrow's brief; the numbers below cover the most recent fully-reported session.
Fidelity's FBTC did most of the damage, logging the single-largest redemption of the session. Grayscale's higher-fee GBTC continued its structural bleed, and Bitwise's ether product ETHW added to the ETH-side pressure. Inflows were negligible and concentrated in smaller vehicles.
- FBTC (Fidelity): -$214.8M ↓
- GBTC (Grayscale): -$44.1M ↓
- ETHW (Bitwise): -$34.4M ↓
- TETH (21Shares): +$2.4M ↑
- BSOL (Bitwise): +$1.3M ↑
The concentration is worth flagging. FBTC alone represented roughly 62% of gross outflows across the complex, and BlackRock's IBIT did not appear on either side of the ledger in the reported tape — a departure from recent sessions where IBIT has typically anchored the inflow side. That pattern is more consistent with an issuer-specific rotation than a broad risk-off signal.
Asset Price Analysis
Bitcoin trades at $76,241, up 0.8% over 24 hours and holding a 13.7% gain over 30 days despite a modest 0.6% weekly pullback. The tape has been grinding sideways-to-higher inside a range that has capped moves below the $77K handle for several sessions, with support building near $75K.
Ether at $2,421 continues to underperform, off 3.7% on the week even as BTC holds firm. SOL is the standout, at $98.01 and up 9.2% over seven days and 15.6% over thirty — the only major asset with both weekly and monthly gains in the high single-to-double digits. XRP at $1.29 is quietly positive across all three lookbacks.
The divergence between spot price action and ETF flows is the story. BTC absorbed a $259M net redemption on the bitcoin side of the complex and still printed a green day. That is consistent with non-ETF demand — spot exchanges, OTC desks, or offshore vehicles — offsetting the wrapper-level selling.
Stablecoin Flows
USDT supply expanded by roughly $11M over the past 24 hours to $183.3B, while USDC contracted by $978M to $73.4B, according to InflowScan data. The net picture is mildly negative on the stablecoin dry-powder gauge, driven almost entirely by the USDC redemption. The USDT print is essentially flat and does not point to fresh issuance-driven demand.
Outlook
Wednesday's issuer flow prints, due after the close, are the key data point. A second consecutive session of concentrated FBTC redemptions would strengthen the issuer-rotation read; a return of IBIT to the inflow side would confirm that Tuesday was idiosyncratic rather than a shift in the underlying bid.
On the tape, BTC's ability to hold above $75K into and through the London-New York handover is the level to watch. A break of that shelf without a corresponding pickup in ETF outflows would be the first sign that spot demand is thinning. SOL's relative strength versus ETH is the other watch-item — the 30-day spread has widened to roughly 12 percentage points, historically associated with rotation phases within the majors rather than broad-based buying.