Spot Crypto ETFs Log $39M Net Inflow in Thursday's Settled Session as IBIT Offsets Fidelity Redemptions

Spot crypto ETFs absorbed $39.1 million in net inflows in Thursday's settled session, with BlackRock's IBIT pulling in $193.4 million on its own as the rest of the complex leaned red, according to InflowScan data. The headline figure masks sharp dispersion: Fidelity's FBTC and FETH together bled $86.7 million as issuer tape landed late Friday.

Flow Tape

Thursday's settled session was an IBIT-carries-the-complex print, with BlackRock's flagship accounting for nearly five times the net total on its own. Fidelity sat on the other side of the tape across both bitcoin and ether products, and Grayscale's legacy GBTC continued to leak. Dispersion like this — one issuer absorbing the bid while two peers see redemptions — is more consistent with fund-of-fund routing and tax-lot rotation than with a broad directional shift.

IBIT (BlackRock, BTC): +$193.4M ↑
BTC (Grayscale, BTC): +$14.4M ↑
MSBT (Morgan Stanley, BTC): +$7.0M ↑

FBTC (Fidelity, BTC): -$60.1M ↓
GBTC (Grayscale, BTC): -$31.0M ↓
FETH (Fidelity, ETH): -$26.6M ↓

7-Day Context

Trailing cumulative figures were not available at publication, as settling days remain incomplete across the reporting window. Thursday's modest net print extends the pattern of IBIT-concentrated bids offsetting Fidelity-side redemptions seen earlier in the week, a configuration historically associated with issuer-level repositioning rather than complex-wide risk-off.