ETF Flows Recap
Spot bitcoin ETFs registered -$324.8M ↓ in net outflows in Wednesday's settled session, according to InflowScan data. The redemptions were concentrated in three products, with no reporting fund logging net creations. Thursday's issuer reports are still settling and will appear in Friday's pre-market brief.
The composition is worth parsing. Wednesday's exits leaned on the lower-fee competitive products rather than Grayscale's legacy GBTC, which has driven most of the structural outflow narrative since January 2024. FBTC and ARKB together accounted for roughly $207M of the day's redemptions — a pattern more consistent with tactical repositioning than with the fee-arbitrage dynamic that dominated earlier cycles. Ethereum and Solana ETF issuer reports for Wednesday had not posted at publication time.
Market Overview
Risk assets are opening Thursday on the back foot. Bitcoin trades at $82,488, down 1.0% over 24 hours and 0.6% on the week, though the 30-day return remains +13.7%. Ether is softer, off 1.6% at $2,533.97, with the 7-day change at -3.7% — the weakest major on a weekly basis. Solana and XRP are also lower on the day but have held onto weekly gains.
Asset Price Analysis
BTC $82,488 (-1.0% / 24h, -0.6% / 7d, +13.7% / 30d). Bitcoin is capped below the $83K handle after Wednesday's ETF exits, with the $82K area now the near-term pivot. The monthly return remains firmly positive, framing the current pullback as consolidation within a longer uptrend rather than trend reversal.
ETH $2,533.97 (-1.6% / 24h, -3.7% / 7d, +3.7% / 30d). Ether is the laggard this week, with the ETH/BTC cross under pressure as bitcoin flows and price have outperformed on the 30-day lookback. Resistance sits at the $2,600 round-number level reclaimed and lost earlier in the week.
SOL $113.12 (-2.7% / 24h, +9.2% / 7d, +15.6% / 30d). Solana is the sharpest decliner on the day but retains the strongest weekly tape, consistent with profit-taking after the recent push through $110. The 30-day return leads the majors.
XRP $1.40 (-1.8% / 24h, +1.7% / 7d, +8.4% / 30d). XRP is holding the $1.40 handle, with the weekly and monthly performance both positive despite Thursday's drift.
Stablecoin Flows
Stablecoin aggregates sent a mixed signal in the last 24 hours, according to InflowScan data. USDT supply expanded by +$165.6M ↑ to $184.3B, while USDC contracted by -$460.1M ↓ to $73.8B. The net change across the two is negative on the day, which historically has been associated with reduced dry powder on exchange rather than fresh deployable capital. The USDC redemptions in particular bear watching if they extend into a multi-day sequence.
Outlook
Thursday's settled ETF flows, due in Friday's pre-market, are the next read on whether Wednesday's $324.8M exit was a one-session repositioning or the start of a sequence. Key levels to watch: $82,000 as near-term support for BTC — a daily close below would open $80K as the next structural level. For ETH, the $2,500 round number is the line in the sand; the weekly tape has already broken trend. On the stablecoin side, a second consecutive day of USDC net redemptions would strengthen the dry-powder-drain read. Macro calendar is light into Friday's US session.