Week in Numbers

Spot crypto ETFs shed a net $46.9 million for the four-session week ending April 3, marking a significant deceleration from the previous week's $236.4 million in net outflows. The improvement — roughly an 80% reduction in redemption pace — was driven by a strong start to the week before flows reversed sharply at midweek. Bitcoin products finished marginally positive at +$11.9 million, while Ethereum funds bore the brunt of outflows at -$48.6 million. Solana and XRP products also posted modest losses of $5.3 million and $4.9 million, respectively.

Daily Flow Breakdown

The week split cleanly into two halves. Monday and Tuesday delivered a combined $214.6 million in net inflows, with Tuesday's $148.7 million session representing the strongest single-day print in recent weeks. That momentum collapsed on Wednesday, when $198.9 million in net outflows — the week's largest daily move — erased nearly all of the prior gains in a single session. Thursday added another $62.6 million in redemptions, cementing the reversal. The midweek pivot from accumulation to distribution appears to align with Bitcoin's failure to sustain levels above $67,300, suggesting flows may have been reactive to price resistance rather than a catalyst in themselves.

ETF Leaderboard

ARK Invest's ARKB led all funds with $34.1 million in net inflows for the week, followed by BlackRock's IBIT at $16.4 million. On the Ethereum side, BlackRock's ETHB managed $10.8 million in inflows, while TETH (21Shares) and ETHW (Bitwise) added $5.8 million and $5.5 million, respectively. However, the overall ETH category still finished deeply negative, pointing to broad-based redemptions across the wider Ethereum fund complex that overwhelmed these pockets of demand.

Top Weekly Inflows:

  • ARKB (ARK Invest): +$34.1M ↑
  • IBIT (BlackRock): +$16.4M ↑
  • ETHB (BlackRock): +$10.8M ↑
  • TETH (21Shares): +$5.8M ↑
  • ETHW (Bitwise): +$5.5M ↑

Top Weekly Outflows:

  • BSOL (Bitwise): -$6.2M ↓
  • BITB (Bitwise): -$3.8M ↓
  • GXRP (Grayscale): -$2.3M ↓
  • TOXR (21Shares): -$1.3M ↓
  • XRPC (Canary Capital): -$1.3M ↓

A concentration pattern is worth flagging: Bitwise appeared on both sides of the ledger, with BSOL and BITB posting the largest outflows while the broader market saw selective buying in competing products. This may point to issuer-specific rotation rather than asset-class conviction.

Price Scorecard

Despite the net outflow week, prices were mixed-to-positive across the majors. Bitcoin gained 1.5% on the week, opening at $65,958 and closing at $66,941, with a weekly high of $67,376 that proved to be the inflection point for flow direction. Ethereum outperformed with a 3.6% advance to $2,053, a notable divergence given that ETH products led outflows — suggesting spot market demand outside the ETF wrapper may be driving the price action independently.

Solana slipped 1.2% to $80.37, and XRP edged down 0.6% to $1.318. Both posted modest ETF outflows that tracked directionally with their price weakness.

  • BTC: $65,958 → $66,941 +1.5% ↑
  • ETH: $1,983 → $2,053 +3.6% ↑
  • SOL: $81.37 → $80.37 -1.2% ↓
  • XRP: $1.327 → $1.318 -0.6% ↓

The ETH flow-price divergence is the week's most compelling signal. A 3.6% price gain alongside $48.6 million in ETF outflows suggests that either spot buying on exchanges is absorbing the fund-level selling pressure, or that the outflows represent profit-taking from investors who accumulated during the prior weeks' drawdown rather than a directional bet against the asset.

Stablecoin Pulse

The stablecoin picture was split. USDT supply rose by $93 million to $184.1 billion, suggesting continued minting demand and potential dry powder accumulation. USDC contracted by $265 million to $77.2 billion, a net reduction that could reflect institutional redemptions or a rotation into deployed capital. The divergence between the two major stablecoins may point to differing demand dynamics across geographic or institutional segments, though the data alone does not support a definitive conclusion.

Week's Top Stories

  • Charles Schwab announces crypto accounts "coming soon" — The traditional brokerage giant's entry could meaningfully expand the addressable market for spot crypto products, particularly among retail investors currently outside the crypto-native ecosystem.
  • Metaplanet targets 100K Bitcoin goal — The Japanese investment firm's ambition to become the third-largest public BTC holder globally underscores continued corporate treasury demand, though execution at scale faces liquidity and regulatory constraints.
  • Bitcoin liquidity heatmap signals more depth below than above — Order book analysis pointing to thicker bid-side liquidity may help explain Bitcoin's relative price resilience despite net ETF outflows.
  • Jack Dorsey signals return of Bitcoin faucets — The Block co-founder's suggestion to revive faucet-style distribution models generated social media interest, though practical implications for market structure appear limited.
  • Binance gold and silver futures see surging volume — Reports of traders rotating from BTC into precious metal futures on Binance point to a broader risk-recalibration theme that could weigh on crypto flows if the trend persists.

What to Watch Next Week

The midweek flow reversal makes Monday's session a critical read on whether the late-week outflow trend extends or whether the improved pace relative to the prior week reasserts itself. Key levels to monitor: Bitcoin faces near-term resistance at the weekly high of $67,376, with support around $66,241 (the week's low). A sustained break above $67,400 could shift the flow calculus, while a move below $66,000 may accelerate redemptions.

For Ethereum, the $2,082 weekly high serves as the level to watch — a breakout above $2,100 with accompanying ETF inflows would suggest the flow-price divergence is resolving in price's favor. Continued outflows alongside rising prices would deepen questions about where the marginal buyer sits.

On the macro front, any updates on the Schwab crypto account timeline could act as a sentiment catalyst for ETF products broadly. The stablecoin supply divergence between USDT and USDC warrants monitoring — a reversal in USDC's contraction would suggest institutional capital is rotating back toward deployment.