ETF Flows Recap
Spot crypto ETFs logged +$14.4M ↑ in net inflows in Wednesday's settled session, according to InflowScan data. Issuer reports for Thursday's tape have not yet been published and are still settling.
The composition was narrow. Fidelity's FETH did almost all of the lifting on the ether side, while BlackRock's IBIT and the rest of the bitcoin complex sat quiet in the top-line data. On the sell side, Bitwise's SOL product was the only fund of note in the red. Partial issuer coverage means the picture may firm up in the final tally, but the directional read is a one-fund-driven ether bid against a sleepy bitcoin backdrop.
FETH's isolation at the top of the leaderboard is worth sitting with. When a single ether fund carries the day without IBIT or FBTC showing up on the bitcoin side, that pattern is historically associated with product-specific routing rather than a broad risk-on bid.
Asset Price Analysis
Bitcoin trades at $80,170, down 1.5% over 24 hours and off 0.6% on the week. The 30-day picture is still constructive at +13.7%, but the overnight tape has given back a chunk of recent gains and left price capped below the $81K handle.
Ether changes hands at $2,324, down 1.6% in 24 hours and 3.7% on the week — the weakest of the four majors on a seven-day basis despite the FETH inflow print. The divergence between settled ether ETF demand and spot price is consistent with ETHA and the other large ether vehicles seeing offsetting flows that are still working through the issuer tape.
Solana at $100.32 is holding the $100 handle after a 2.1% pullback, but weekly performance remains the standout at +9.2%. XRP sits at $1.29, down 2.7% over 24 hours but up 8.4% on the month. The cross-asset pattern — majors red on the day, SOL and XRP green on the week — points to continued rotation into higher-beta alt exposure rather than fresh money into bitcoin.
Stablecoin Flows
USDT supply contracted by roughly $998 million over the past 24 hours to $180.8 billion, according to InflowScan data. USDC added a modest $53 million to reach $71.3 billion. The net picture is dry powder leaving the system, which is consistent with the softer spot tape and the absence of a broad bitcoin bid.
Outlook
The read into Thursday is a market waiting on confirmation. Settled flows are thin and one-fund-driven, spot prices are off across the board, and stablecoin supply is leaking. None of that is a capitulation signal — the 30-day numbers remain positive for every major — but it does suggest the recent leg higher has lost its sponsor for now.
Levels to watch: BTC's ability to defend the $80K handle, ether's $2,300 line, and whether Thursday's settled issuer tape confirms or reverses the FETH-concentrated bid. On the data side, watch for USDT supply to stabilize; another billion-dollar contraction would reinforce the dry-powder drain. SOL holding $100 after today's pullback is the cleanest technical read of the morning.