ETF Flows Recap
Spot crypto ETFs logged -$150.9M ↓ in net outflows during Thursday's settled session, according to InflowScan data. Friday's issuer reports have not yet published and will land in Monday's pre-market brief. The redemption was concentrated in two names: Fidelity's FBTC at -$60.7M ↓ and Grayscale's GBTC at -$31.4M ↓, together accounting for roughly 61% of the day's exits.
Ether products also leaned negative. Fidelity's FETH saw -$23.5M ↓, extending a run of mid-sized redemptions from the Fidelity complex across both bitcoin and ether sleeves. The concentration in a single issuer's funds points to desk-level reallocation rather than a broad risk-off signal across the ETF cohort.
The inflow side was thin.
GSOL's appearance on the inflow leaderboard is consistent with the broader Solana bid visible in spot pricing. The absence of IBIT, ETHA, or any BlackRock product from either leaderboard suggests the house flow at the largest issuer was close to flat Thursday — a pattern historically associated with pause days rather than directional conviction.
Asset Price Analysis
Bitcoin trades at $86,380, up 1.7% over 24 hours and recovering from a soft midweek stretch that left it down 0.6% on the seven-day. The 30-day gain of 13.7% remains intact, with price holding above the $86,000 handle into the US cash open.
Ether sits at $2,744, up 1.4% on the day but still 3.7% lower over the week — the laggard among the four majors. The relative weakness lines up with Thursday's FETH redemption and leaves ETH/BTC extending its grind lower. Solana is the standout at $121.76, up 2.8% intraday and 9.2% on the week, with 30-day gains now at 15.6%. XRP trades at $1.53, up 2.4%, holding above the $1.50 level that has acted as near-term support.
The divergence between Thursday's net outflows and Friday's firmer spot tape is the morning's cleanest observation. When settled flows go one way and price trades the other, the pattern is more commonly associated with offshore and perpetual bid absorbing US issuer redemptions than with a reversal in institutional posture.
Stablecoin Flows
USDT supply grew by +$327M ↑ over the past 24 hours to $184.1B, while USDC contracted by -$41M ↓ to $74.1B, according to InflowScan data. The net stablecoin print is additive, consistent with dry powder building rather than depleting into Friday's session.
Outlook
Key levels to watch into the US cash session: BTC resistance sits in the $87,500 zone where the prior week's rally stalled, with the $86,000 handle acting as the first support. ETH needs to reclaim $2,800 to neutralize the week's underperformance. SOL's 30-day leadership keeps the $125 level in focus.
On the flow side, Monday's pre-market brief will carry two sessions of settled issuer data — Friday's and the weekend-adjusted Thursday finals. A second day of FBTC and FETH redemptions would strengthen the Fidelity-specific reallocation read; a reversal would frame Thursday as a one-session wobble. Stablecoin supply trajectory remains the cleanest tell on sidelined capital.