ETF Flows Recap
Spot crypto ETFs registered -$187.8M ↓ in Monday's settled session, snapping a stretch of constructive flow prints and marking the heaviest single-day redemption pulse in roughly two weeks, according to InflowScan data. All three top outflow slots were bitcoin and ether products; no fund logged a reportable inflow on the day. Issuer reports for Tuesday's session have not yet published and will settle overnight.
The concentration mattered. Two bitcoin funds accounted for roughly 85% of the day's net redemption:
Fidelity sat on both sides of the leaderboard, with redemptions pulling from its bitcoin and ether vehicles simultaneously. That pattern is consistent with platform-level rebalancing or a single large-ticket exit routed through a fund-of-fund wrapper, rather than a broad risk-off rotation across the complex. BlackRock's IBIT — typically the daily flow anchor on either side of the ledger — did not appear in the top-three outflows, which points to the Monday selling being issuer-specific rather than market-wide.
Asset Price Analysis
Bitcoin trades at $86,256, up 0.6% over 24 hours and down just 0.6% on the week. The 30-day picture remains the dominant frame: +13.7% over the past month, with Monday's ETF selling absorbed without a meaningful break in the price tape. The divergence between flows and spot is the story — $188M of fund-level selling that failed to drag spot through the $85,000 handle suggests non-ETF demand is doing the offsetting work.
Ether sits at $2,715, up 0.2% on the day but down 3.7% on the week, the weakest major in the seven-day window. Solana prints at $120.39, off 0.3% on the session but up 9.2% over seven days and 15.6% over thirty — the strongest 30-day performer in the group. XRP holds $1.51, up 0.4% on the day and 8.4% on the month.
The relative-strength picture inside the top four has flipped from the summer pattern: SOL and XRP leading on both the week and month, ETH lagging, BTC steady. ETH's underperformance against a flat-to-firm BTC tape is the cleanest signal in the price data — historically associated with ratio compression into major macro prints rather than ether-specific supply events.
Stablecoin Flows
Dollar-stablecoin supply expanded modestly in the past 24 hours, with USDC adding $156M to reach $74.4B and USDT adding $120M to $184.2B, according to InflowScan data. The combined $276M of net issuance is a mid-range print — not the dry-powder build that typically precedes aggressive risk-on sessions, but a clean reversal of the contraction that accompanied last week's ETH drawdown.
Outlook
Tuesday's settled flow data, which prints overnight into Wednesday's pre-market, is the first watch-item. A second consecutive day of concentrated bitcoin ETF selling — particularly if IBIT joins the outflow column — would shift the read from issuer-specific to complex-wide. A reversal back to net inflows would validate the thesis that Monday's print was a single large-ticket event.
On price, BTC's defense of the $85,000 handle through a $188M ETF selling day is the technical anchor for the session. A break of that level would open the recent consolidation band; a push back toward $88,000 on firm flow would be consistent with the 30-day uptrend reasserting. ETH's $2,700 handle is the corresponding line to watch — a loss there would extend the week's underperformance and likely drag the ETH/BTC ratio to fresh local lows.