Flow Tape

The tape skewed heavily toward BTC-product redemptions, with dispersion narrow across issuers. Grayscale's own products sat on both sides of the ledger — a $54.2 million bid into the BTC ticker against a $65.3 million exit from GBTC — consistent with continued fee-driven rotation rather than directional selling. ETH and SOL flows were muted, with no single fund clearing $2 million in either direction.

  • Top inflows: BTC (Grayscale) +$54.2M ↑; FSOL (Fidelity) +$1.7M ↑; ETHV (VanEck) +$1.3M ↑
  • Top outflows: GBTC (Grayscale) -$65.3M ↓; IBIT (BlackRock) -$60.6M ↓; FBTC (Fidelity) -$15.2M ↓

7-Day Context

Trailing cumulative figures are unavailable pending settlement of adjacent sessions, per InflowScan data. Wednesday's print, taken alone, marks the second consecutive session in which BTC issuer redemptions outweighed inflows across the complex — a pattern consistent with position trimming into the back half of the week rather than a broad-based unwind.