ETF Flows Recap

Spot bitcoin ETFs recorded -$295.8M ↓ in net outflows in Thursday's settled session, according to InflowScan data. Issuer reports for Friday, November 6 have not yet published and will appear in Monday's pre-market brief. The Thursday figure ends a stretch of mixed flow prints from late October and points to concentrated redemption pressure in two of the larger-AUM bitcoin products.

Fidelity's FBTC absorbed the lion's share of the exits, with Grayscale's GBTC and VanEck's HODL rounding out the top three. No bitcoin product registered a positive net creation on Thursday that cleared reporting thresholds, according to InflowScan data.

  • FBTC (Fidelity): -$199.9M ↓
  • GBTC (Grayscale): -$49.9M ↓
  • HODL (VanEck): -$23.6M ↓

The concentration is the notable feature of the print. FBTC alone accounts for roughly two-thirds of the day's net outflow, which is consistent with a single-wallet or model-driven redemption rather than broad-based client exit across the complex. Ether, solana and XRP product flows for Thursday have not yet settled in InflowScan's data and will be covered in the next brief.

Asset Price Analysis

Bitcoin trades at $75,635, down 0.6% over 24 hours and 0.6% on the week, with the 30-day gain still holding at 13.7%. Price is sitting near the mid-point of its recent range and has defended the $75,000 handle through the redemption wave, which suggests the flow pressure has been absorbed by spot demand rather than cascading into forced selling.

Ether changes hands at $2,232, off 0.3% on the day and down 3.7% on the week — the weakest major on a seven-day look-back. The 30-day return is a more modest +3.7%, and ETH has lagged BTC's rally meaningfully through October. Solana continues to outperform, at $89.36 with a 9.2% weekly gain and +15.6% over 30 days. XRP sits at $1.20, flat-to-weak on the day but up 8.4% over the month.

Key levels: BTC's 30-day advance has resistance into the $77,000-$78,000 zone and support at the $74,000 round number. ETH's break below $2,300 earlier in the week shifts near-term focus to whether $2,200 holds as support into the weekend.

Stablecoin Flows

Stablecoin supply contracted modestly in the past 24 hours, according to InflowScan data. USDC supply fell by -$345M ↓ to $70.8 billion, and USDT supply declined by -$200M ↓ to $177.4 billion. The combined $545M reduction is small relative to aggregate float but points to a mild drawdown in dry powder rather than a build. This is consistent with — not a driver of — Thursday's ETF outflow pattern.

Outlook

The immediate item on the tape is Friday's settled ETF flow print, which will land in Monday's pre-market and will show whether FBTC's $200M exit was a one-session event or the start of a sustained redemption. A second day of concentrated outflows would shift the read from idiosyncratic to directional.

Price levels to watch into the weekend: BTC $75,000 as the near-term floor and $77,000 as the cap on any rebound; ETH $2,200 as the line in the sand after the week's underperformance. Solana's relative strength bears monitoring against BTC — a continued SOL/BTC ratio grind higher historically has coincided with broader altcoin rotation, though one week of data is not a trend. Stablecoin supply direction into Monday will frame whether sidelined capital is rebuilding or continuing to draw down.