ETF Flows Recap

Spot bitcoin ETFs logged -$20.5M ↓ in net outflows during Tuesday's settled session, according to InflowScan data. Issuer reports for Wednesday's tape have not yet published and are still settling.

Grayscale's GBTC drove the redemption side with a single-fund outflow large enough to flip the complex negative on its own. Three products absorbed capital on the other side of the ledger, led by Bitwise's BITB, which saw the largest inflow of the session.

  • BITB (Bitwise): +$21.9M ↑
  • FBTC (Fidelity): +$6.8M ↑
  • MSBT (Morgan Stanley): +$3.3M ↑
  • GBTC (Grayscale): -$52.6M ↓

The split between issuers is the story. New-generation products took in roughly $32 million of fresh capital while legacy Grayscale exposure continued to bleed — a pattern consistent with fee-driven rotation rather than a broader shift in bitcoin positioning. Ethereum, Solana, and XRP ETF flows were not yet available for Tuesday's session at publication time, with issuer data still settling.

Asset Price Analysis

Bitcoin trades at $78,290 heading into the Wednesday open, up 1.4% over 24 hours and up 13.7% over the past 30 days. The weekly print sits marginally lower at -0.6%, framing current levels as consolidation inside the broader uptrend rather than a fresh leg higher. The $78K handle has held through two overnight tests.

Ether at $2,318.71 leads the majors on the day, up 2.0% over 24 hours, though the asset remains the weakest of the group on a weekly basis at -3.7%. Solana trades at $92.92, flat on the day but up 9.2% over seven days and 15.6% over 30 — the strongest 30-day performer in the top four. XRP holds $1.28, up 0.5% on the day and 8.4% over the month.

The configuration — bitcoin grinding higher against modestly negative ETF flows — points to spot demand outside the ETF wrapper absorbing the Grayscale supply. Resistance for bitcoin sits at the prior $80K area; support rests near $76,500, the pivot from the late-October range.

Stablecoin Flows

Stablecoin supply contracted on both majors over the past 24 hours, with USDT down roughly $437 million to $178.1 billion and USDC down $360 million to $70.9 billion, according to InflowScan data. The combined ~$797 million reduction in dollar-pegged supply is modest in aggregate terms but marks a second consecutive session of net contraction, suggesting some sidelined capital has either redeployed into risk or exited the crypto perimeter entirely.

Outlook

Attention Wednesday turns to whether bitcoin can reclaim the $80,000 level into the US cash session, with the GBTC outflow pace in today's settled issuer prints the key read on whether Tuesday's $52.6 million redemption was idiosyncratic or the start of a renewed rotation leg. Ether's ability to defend the $2,300 handle after this morning's 2% bounce is the second item on the tape — a failure there would re-open the recent lows and widen the performance gap to bitcoin further.

Key data points to watch: Wednesday's full ETF flow prints across BTC, ETH, SOL, and XRP wrappers once issuer data settles; the pace of further stablecoin supply contraction; and whether Solana can extend its 30-day outperformance against a flat broader tape.