ETF Flows Recap

Spot crypto ETFs registered -$123.3M ↓ in net outflows during Tuesday's settled session, the most recent issuer-reported figures per InflowScan data. Thursday's own flow tape has not yet published; Wednesday's prints are still settling with issuers.

BlackRock's IBIT drove the bulk of the exit at -$79.5M ↓, with Fidelity's FBTC adding -$37.4M ↓. Together the two products accounted for roughly 95% of the day's bitcoin ETF redemptions. Ether products followed the same tone, with Fidelity's FETH logging -$19.1M ↓, partially offset by a +$1.1M ↑ creation into BlackRock's ETHB.

Not every pocket of the complex bled. Morgan Stanley's MSBT absorbed +$20.0M ↑, the single largest creation of the session and consistent with wire-house routing rather than pure directional conviction. Volatility Shares' SOLT added +$1.9M ↑, keeping the Solana ETF cohort marginally net positive on the day.

  • Top inflows: MSBT +$20.0M ↑, SOLT +$1.9M ↑, ETHB +$1.1M ↑
  • Top outflows: IBIT -$79.5M ↓, FBTC -$37.4M ↓, FETH -$19.1M ↓

Coverage was clean across the bitcoin, ether and Solana cohorts (all 12/12, 9/9 and 11/11 funds reported per InflowScan data). The XRP tape remains partial — 8 of 9 funds reported, with XRPK's figure still settling — so the XRP aggregate should be read as incomplete.

Asset Price Analysis

Bitcoin traded at $72,548 early Thursday, down -2.0% ↓ on the day and -0.6% ↓ over the past week. The 30-day picture is still constructive at +13.7% ↑, meaning the current pullback has not undone the October grind higher. Price is capped below the $74,000 shelf that has acted as near-term pivot through the month.

Ether underperformed again, slipping to $2,012 — down -2.2% ↓ in 24 hours and -3.7% ↓ on the week. The $2,000 handle is the obvious line of defense; a close below it would mark the first weekly breakdown since mid-October. ETH's 30-day gain of +3.7% ↑ continues to lag bitcoin materially, consistent with the ether-specific outflow bias visible in Tuesday's FETH print.

Solana held up better on a relative basis. SOL traded at $81.47, off -2.2% ↓ on the day but still +9.2% ↑ over seven sessions and +15.6% ↑ over 30 days — the strongest trailing-month performer in the majors. XRP sat at $1.03, down -1.7% ↓ on the day, holding onto a +8.4% ↑ monthly gain.

Stablecoin Flows

Dollar-stable supply contracted modestly. USDC fell by -$266.7M ↓ to $69.9B, while USDT shed -$77.8M ↓ to $175.6B, according to InflowScan data. A combined $344 million contraction is small relative to the aggregate float, but the direction is consistent with reduced on-chain risk appetite rather than fresh dry powder building up.

Outlook

The immediate watch item is Thursday's own ETF tape, which will settle overnight and print in Friday's pre-market. A second consecutive session of concentrated IBIT and FBTC redemptions would mark the first back-to-back bitcoin ETF outflow run since late October and shift the flow narrative from one-off repositioning to something more sustained.

Levels to watch: $72,000 on bitcoin as the first intraday support beneath spot, and the $74,000 cap above. On ether, the $2,000 handle is the line that matters; a defended hold would be consistent with range behavior, while a daily close below would open the door to a retest of late-October lows. Solana's relative strength is the cleanest cross-asset tell — if SOL breaks below $80 while BTC and ETH remain heavy, the rotation story loses its anchor.