ETF Flows Recap
Spot crypto ETFs registered +$6.1M ↑ in net inflows during Friday's settled session, per InflowScan data. Issuer reports for Monday have not yet published — Friday remains the most recent fully settled tape. The headline figure masks a split picture across issuers and across assets.
Fidelity ran the dominant book on both sides. FBTC absorbed the single-largest ticket of the session, while the same issuer's ether product bled nearly as much on the ETH side. That intra-issuer offset accounts for most of why the aggregate print landed near flat rather than meaningfully positive.
On the redemption side, ether products did the heavy lifting:
Two of the top three outflows were ether vehicles, consistent with the asset's 3.7% drawdown over the trailing seven sessions. BTC products carried the aggregate; ETH products dragged it. The pattern is more consistent with asset-level rotation than with a broad risk-off reallocation out of crypto beta.
Asset Price Analysis
Bitcoin trades at $86,206 entering the U.S. cash open, down 0.4% over 24 hours and down 0.6% on the week. The 30-day picture tells a different story: BTC is up 13.7% over that window, and spot has spent the last several sessions capped below the $87,000 handle while holding support near $85,000.
Ether sits at $2,716, off 0.4% intraday and down 3.7% on the week — the softest major on a weekly basis and the clearest explanation for Friday's FETH redemption. The ETH/BTC ratio continues to compress, which lines up with the flow tape rather than contradicting it.
Solana at $120.69 and XRP at $1.52 are the week's relative outperformers, up 9.2% and 1.7% respectively over seven sessions. SOL's 30-day gain of 15.6% now exceeds bitcoin's. XRP flows into Franklin's XRPZ, modest in dollar terms, add a small corroborating data point on the altcoin bid.
Stablecoin Flows
USDT supply grew $2.0 million in the last 24 hours to $184.0B, while USDC contracted $24.6 million to $74.2B, according to InflowScan data. Net stablecoin supply change is close to flat on the session — not the dry-powder build that typically precedes a sustained bid, but not a drain either.
Outlook
Monday's U.S. issuer reports will clarify whether Friday's thin positive print extends into a trend or reverts. Key levels to watch on BTC: the $87,000 cap that has rejected rallies for several sessions, and $85,000 support beneath spot. On ETH, the $2,700 handle is the near-term pivot — losing it would open room toward $2,650. The ETH/BTC ratio and whether FETH outflows persist for a second session are the two data points that most directly test the rotation thesis.