ETF Flows
Spot bitcoin ETFs absorbed +$306.9M ↑ in Wednesday's settled session, according to InflowScan data. Issuer reports for Thursday are still settling and will land in Friday's pre-market brief. The session showed no reported outflows across the twelve-fund BTC complex.
FBTC captured roughly 69% of the session's net inflow — a concentration that points to a single large allocator or model-driven rebalance rather than broad retail demand. Grayscale's GBTC posting net inflows is the beat worth flagging: the fund has been a persistent redemption source since the January 2024 launch window, and positive prints there are historically associated with closing fee-arbitrage flows or dedicated allocator rotation back into the product.
Asset Price Analysis
Bitcoin trades at $81,768, down 2.7% over 24 hours and 0.6% on the week. The 30-day return remains firmly positive at 13.7%, meaning the current pullback trims recent gains rather than reversing the trend. Spot sits roughly $1,700 above the $80,000 handle, the nearest round-number reference.
Ether underperforms at $2,403.74, down 2.8% on the day and 3.7% on the week — the softest major on a weekly basis. The ETH/BTC cross continues to compress; the 30-day BTC gain of 13.7% against ETH's 3.7% leaves the ratio near multi-month lows and is consistent with the ETF flow pattern, where bitcoin products continue to attract capital that ether products are not matching.
Solana at $104.57 and XRP at $1.33 both printed 24-hour losses in the 2.3-2.8% range but hold positive weekly and monthly returns. SOL's 9.2% weekly gain is the standout across the four majors and the pullback has not disturbed the broader uptrend.
Stablecoin Flows
USDC supply expanded by +$415M ↑ over the past 24 hours to $72.6B, while USDT contracted by -$111M ↓ to $182.7B, according to InflowScan data. The net aggregate print is a modest expansion of roughly $300M. The divergence between the two issuers — USDC growing while USDT contracts — is consistent with on-exchange rotation rather than broad risk reduction, and the net build is modest enough that it should not be read as meaningful dry powder accumulation.
Outlook
Key data points for Thursday's session: whether the ETF flow pattern repeats when Friday's settled report arrives, with particular attention to whether FBTC concentration persists or broadens across the complex. On price, the $80,000 handle on BTC sits as the nearest psychological reference below current spot; the 30-day base is still intact. For ether, the 7-day underperformance versus BTC is the trend to watch — a flow print showing ETH product demand would be the first signal of a cross-asset rotation. Stablecoin aggregates will be worth checking into the weekend for any shift from the current modest-expansion posture.