ETF Flows Recap
Spot crypto ETFs absorbed +$304.8M ↑ in Wednesday's settled session, with zero outflows reported across the complex, according to InflowScan data. Thursday's issuer reports remain in overnight settlement; the figures below reflect the most recent fully-reported session.
Fidelity's FBTC did the heavy lifting, pulling in +$236.7M ↑ — roughly 78% of the day's net take. ARK's ARKB and Fidelity's ether product FETH rounded out the top three. The concentration into a single bitcoin issuer is consistent with fund-of-fund routing rather than broad-based retail allocation, though the absence of IBIT from the top line is worth flagging given BlackRock's typical share of daily flows.
- FBTC (Fidelity): +$236.7M ↑
- ARKB (ARK Invest): +$19.9M ↑
- FETH (Fidelity): +$19.2M ↑
No funds logged redemptions in the settled tape, extending a constructive stretch for the category after October's choppy flow profile.
Asset Price Analysis
Bitcoin trades at $79,664 heading into Thursday's open, off -1.0% ↓ on the day and down a modest -0.6% ↓ on the week. The 30-day print still shows +13.7% ↑, meaning the recent softness reads as consolidation within a broader uptrend rather than a trend break. The $80,000 handle has flipped from support to near-term resistance over the past 48 hours.
Ether sits at $2,394, the weakest performer in the majors with a -3.7% ↓ seven-day change. The BTC-ETH divergence has widened over the 30-day window, with ETH's +3.7% lagging BTC by roughly ten points. Solana held firm at $95.44, flat on the session but +9.2% ↑ on the week and +15.6% ↑ on the month — the strongest trailing-30 print in the majors. XRP at $1.31 added +0.2% ↑, extending a quiet grind higher.
The pattern across the four assets — BTC cooling, ETH underperforming, SOL extending — points to rotation within crypto beta rather than a risk-off reset.
Stablecoin Flows
USDC supply expanded by +$191M ↑ to $71.1B, while USDT contracted -$426M ↓ to $177.7B, according to InflowScan data. The net stablecoin print is modestly negative on the day, which thins the dry-powder backdrop ahead of Thursday's session but does not meaningfully alter the multi-week trend of USDC expansion against USDT redemptions.
Outlook
Thursday's settled flow tape, reported Friday morning, will determine whether Wednesday's FBTC-heavy print extends or fades. A second consecutive session of concentrated Fidelity inflows without IBIT participation would raise questions about the breadth of institutional demand; a broader distribution across issuers would confirm the category-level bid.
Key levels to watch: $80,000 as near-term BTC resistance and $78,500 as the first support shelf from last week's range. For ether, the $2,350 level has held on three separate tests over the past fortnight; a close below would mark the lowest settlement since early October. Solana's continued leadership relative to BTC and ETH is the cleanest tell on intra-crypto positioning — watch whether SOL can hold above $95 if BTC retests $78,500.
Stablecoin mint data over the next 24-48 hours will indicate whether the USDT contraction is a settlement artifact or the start of a broader deleveraging impulse.