Flow Tape

Tuesday's settled tape skewed bitcoin-negative, with two of the three largest outflows hitting BTC products and Grayscale's ETHE rounding out the redemption list. The bid was narrow: FETH carried nearly half the gross inflow figure on its own, suggesting issuer-specific rotation rather than a broad ether bid.

  • FETH (Fidelity, ETH): +$28.6M ↑
  • BTC (Grayscale, BTC): +$4.5M ↑
  • XRPT (Volatility Shares, XRP): +$4.0M ↑
  • IBIT (BlackRock, BTC): -$63.3M ↓
  • FBTC (Fidelity, BTC): -$20.7M ↓
  • ETHE (Grayscale, ETH): -$17.7M ↓

The IBIT-FBTC pairing on the outflow side points to coordinated BTC-product trimming across the two largest issuers.

30-Day Context

Tuesday's print leaves the trailing 30-day cumulative net flow at +$24.7 million, according to InflowScan data — a thin positive tally that narrows further with today's redemptions. The 7-day window is not yet fully settled and is not cited here.