ETF Flows Recap

Spot crypto ETFs registered -$16.7M ↓ in net outflows during Monday's settled session, according to InflowScan data. Issuer reports for Tuesday's tape have not yet been published and are still settling. The headline figure masks a split tape: a sizeable Morgan Stanley subscription cushioned redemptions out of Fidelity, ARK and Bitwise products.

Top flows for Monday, per InflowScan data:

  • MSBT (Morgan Stanley): +$22.1M ↑
  • FETH (Fidelity): -$19.1M ↓
  • ARKB (ARK Invest): -$9.9M ↓
  • BSOL (Bitwise): -$5.9M ↓

MSBT's inflow single-handedly kept the complex from a deeper redemption day. The Fidelity-ARK pairing on the ethereum and bitcoin side, together with Bitwise's Solana outflow, points to broad-based rather than single-asset de-risking. The pattern is consistent with rotation within issuer rails rather than a coordinated exit from the ETF wrapper.

Asset Price Analysis

Bitcoin trades at $74,750, down 0.8% over 24 hours and 0.6% on the week, but still holding a 13.7% gain over 30 days. The spot price sits below the $75,000 handle it defended through much of last week; a failure to reclaim that level would put the $73,500 shelf back into focus. Ether changes hands at $2,123, off 0.5% on the day and 3.7% on the week, lagging bitcoin and leaving the complex's relative-strength picture tilted toward BTC.

Solana prints at $86.15, down 0.7% intraday but up 9.2% on the week and 15.6% over 30 days — the strongest trailing-month performer in the majors InflowScan tracks. XRP sits at $1.10, little changed on the day and up 8.4% over 30 days. The divergence between SOL's spot strength and Monday's BSOL outflow suggests profit-taking into strength rather than a sentiment shift, though InflowScan data shows this is only one session's read.

Stablecoin Flows

Aggregate stablecoin supply contracted over the past 24 hours, according to InflowScan data. USDT supply fell by -$570M ↓ to $176.2B, and USDC supply declined by -$168M ↓ to $70.4B. A combined roughly $738M reduction in dollar-pegged dry powder in a single session is consistent with net redemptions or off-chain settlement rather than fresh capital staging for entry.

Outlook

Watch whether bitcoin reclaims the $75,000 handle in the New York session; failure to defend $74,500 would open the 30-day retracement discussion. For ether, the $2,100 level is the near-term pivot after a 3.7% weekly drawdown. On the flows side, Tuesday's settled issuer reports — due overnight and reflected in tomorrow's pre-market brief — will show whether MSBT's Monday subscription was a one-off or the start of a Morgan Stanley bid. Also worth monitoring: whether FETH redemptions persist into a second session, which would be more consistent with issuer-level rotation than idiosyncratic rebalancing.