Week in Numbers

The second-largest weekly outflow of the quarter unfolded across four trading sessions, with redemptions accelerating mid-week before tapering into Friday's close. Total weekly net flow came in at -$1.66B ↓, according to InflowScan data, a 12.2% deeper hole than the prior week's $1.48 billion exit. Bitcoin products carried the brunt at $1.43 billion in net outflows; ethereum followed at $214 million. Solana and XRP products posted comparatively modest exits of $3.3 million and $17.7 million respectively.

Daily Flow Breakdown

The week front-loaded its pain. Tuesday opened with $298 million in net outflows. Wednesday was the standout — and not in a good way — with -$829M ↓ in redemptions, the heaviest single-session outflow of the month. That session coincided with bitcoin's slide from the $76,000 handle into the low-$73,000s, suggesting flow-driven price pressure rather than the inverse. Thursday's $396 million outflow extended the bleed before Friday cooled to $142 million, the lightest session of the week. The deceleration into Friday's close is consistent with redemption fatigue rather than fresh demand; settled flows would need a directional reversal next week to confirm any pivot.

ETF Leaderboard

Concentration cut both ways. The week's inflow leaders were entirely non-bitcoin products, while every meaningful redemption sat in bitcoin or ethereum vehicles. InflowScan data shows the following weekly leaders:

Top weekly inflows:

  • ETHB (BlackRock): +$12.5M ↑
  • XRPZ (Franklin): +$9.5M ↑
  • SOLT (Volatility Shares): +$6.3M ↑
  • FSOL (Fidelity): +$4.7M ↑
  • XXRP (Teucrium): +$3.4M ↑

Top weekly outflows:

  • ARKB (ARK Invest): -$24.9M ↓
  • SLON (ProShares): -$15.3M ↓
  • FETH (Fidelity): -$9.6M ↓
  • SOLZ (ProShares): -$1.9M ↓
  • MSBT (Morgan Stanley): -$1.0M ↓

The divergence is worth parsing. ARKB led redemptions on the bitcoin side while BlackRock's ETHB and Franklin's XRPZ took fresh capital. This is consistent with rotation within the complex rather than a broad-based exit — investors trimming bitcoin exposure but retaining selective bids in altcoin products.

Price Scorecard

All four majors closed red. Bitcoin opened the week at $76,981 and finished at $73,369, a 4.7% decline, with the weekly range capped at $74,380 and a low of $72,363. Ethereum tracked similarly, sliding 4.1% from $2,097 to $2,012 and failing to defend the $2,000 handle during the Wednesday flush before reclaiming it into Friday. Solana fell 3.8% to $81.91; XRP held up best with a 1.5% decline to $1.328. The relative resilience in XRP aligns with positive flow data in XRPZ and XXRP, supporting the rotation read.

Stablecoin Pulse

Dry powder thinned. USDT supply contracted by $757 million to $188.6 billion, and USDC dropped $368 million to $76.1 billion, according to InflowScan data. A combined $1.13 billion in stablecoin supply reduction over a week of risk-asset outflows points to capital exiting the on-chain perimeter rather than parking on the sidelines. That's a different signal than a typical risk-off rotation, where stablecoin supply tends to expand.

FlowScore Check

Friday's close left an unusual leaderboard. Solana topped the InflowScan FlowScore at 53.24/100, ahead of ethereum at 43.32 and bitcoin at 39.06. Bitcoin's score sitting nearly 15 points below solana's reflects two consecutive weeks of heavy BTC redemptions; the metric typically inverts when bitcoin re-establishes a flow bid. Solana's score has held above 50 despite modest weekly outflows in SOL products, supported by inflows into SOLT and FSOL.

Week's Top Stories

  • Ethereum supply concentration: The top wallets now control more than 22% of ETH supply amid fresh accumulation, a structural data point worth tracking against ETHB inflows.
  • Solstice / Anchorage Digital: Anchorage backed Solstice's SLX token, adding to the institutional rails forming around Solana-adjacent infrastructure.
  • DxSale exploit: A $7.3 million drain from 1,400 BNB Chain liquidity pools raised insider-access questions — a reminder that DeFi tail risk remains live.
  • BMNR / ETH whale positioning: Scrutiny on BMNR's ETH treasury bet intensified after its decline, though whale wallets continue to add.
  • MicroStrategy: The company moved 441 BTC to Coinbase Prime and its stock fell 3%, prompting questions about treasury intent that remain unresolved.

What to Watch Next Week

Three data points matter most heading into June. First, whether Monday's settled flows snap the two-week outflow streak or extend it — a third consecutive weekly exit would be the longest since Q1. Second, bitcoin's ability to hold the $72,000 area; Friday's $72,363 low is the level to defend. Third, the stablecoin trajectory — if USDT and USDC supply continues to contract alongside ETF redemptions, the available-capital picture deteriorates further.