ETF Flows Recap
Spot crypto ETFs logged -$245.3M ↓ in net outflows in Wednesday's settled session, according to InflowScan data. The redemption tape was concentrated at two issuers: ARK Invest and Fidelity accounted for the bulk of the day's exits, while inflows across the complex were sparse and small-ticket.
ARK's ARKB saw the largest single-fund redemption of the session, and Fidelity's FETH and FBTC followed close behind. Positive prints came only from Morgan Stanley's MSBT and Bitwise's BSOL, both in low-single-digit millions — not enough to offset the top of the outflow stack.
Top outflows, Wednesday settled session:
- ARKB (ARK Invest): -$84.4M ↓
- FETH (Fidelity): -$55.6M ↓
- FBTC (Fidelity): -$52.7M ↓
Top inflows, Wednesday settled session:
- MSBT (Morgan Stanley): +$3.5M ↑
- BSOL (Bitwise): +$2.7M ↑
The Fidelity split — outflows on both the BTC and ETH product lines — is consistent with a single-issuer rebalance rather than an asset-specific view. ARKB's outsized share of the tape points to concentrated positioning turnover at one shop. Thursday's settled flow figures will publish overnight and appear in Friday's pre-market brief.
Market Overview
Prices held firm into Thursday's open despite Wednesday's redemption tape. Bitcoin trades at $76,474, up 0.4% on the session and up 13.7% over 30 days. Solana continues to lead the majors on a rolling basis, up 9.2% over seven days and 15.6% over 30. The divergence between issuer-level exits and spot pricing suggests the flow was absorbed by other bidders rather than transmitted to price.
Asset Price Analysis
BTC at $76,474 is capped below the $77K handle it lost earlier in the week, with the 30-day gain still intact at 13.7%. The 7-day print of -0.6% shows a market digesting rather than distributing.
ETH at $2,445 is up 1.1% over 24 hours but down 3.7% over seven days, the weakest of the majors on that window. Rangebound trade between recent support near $2,400 and resistance in the $2,500 area frames the near-term tape.
SOL at $100.34 reclaims the $100 handle and prints the strongest weekly and monthly returns in the majors (+9.2% and +15.6%). Bitwise's BSOL inflow, small as it is, is directionally consistent with the price behavior.
XRP at $1.30 is quiet: +0.2% on the day, +1.7% on the week, +8.4% on 30 days. No XRP funds reported flows in Wednesday's settled tape.
Stablecoin Flows
USDC supply expanded by +$132M ↑ over 24 hours to $73.8B, while USDT contracted by -$23M ↓ to $183.3B, per InflowScan data. On net, the stablecoin float is a shade higher — a dry-powder signal that doesn't argue against the modest bid holding under spot prices.
Outlook
Key data points into Thursday's session: whether Fidelity's back-to-back BTC/ETH outflows extend a second day (which would upgrade the read from rebalance to trend) or reverse. On price, BTC's ability to defend $76K and challenge $77K frames the near-term range; ETH's $2,400 support is the level to watch given its weekly relative weakness. SOL's follow-through above $100 is the cleanest positive-momentum tape in the complex. Thursday's settled ETF flow numbers publish overnight.