Week in Numbers

Spot crypto ETFs logged -$572.6M ↓ in net outflows across the four trading sessions of the holiday-shortened week, according to InflowScan data. That is a sharp improvement from the prior week's $2.06 billion in redemptions, but the tape still ran against price. Bitcoin closed the week at $62,546, up 5.2%; ether finished at $1,756, up 11.9%; solana ended at $82.27, up 15.4%; XRP tacked on 8.3% to $1.13.

The read-through: price led, flows lagged. Historically that pattern is more consistent with short-covering and spot bids from non-ETF channels than with fresh allocator demand routing through the wrappers.

Daily Flow Breakdown

Three of the four sessions printed red, with Thursday July 2 the lone positive day at +$260.1M ↑, according to InflowScan data.

  • Monday Jun 29: -$324.6M ↓
  • Tuesday Jun 30: -$253.4M ↓
  • Wednesday Jul 1: -$254.7M ↓
  • Thursday Jul 2: +$260.1M ↑

The Monday–Wednesday redemption cluster coincided with quarter-end rebalancing, a well-known technical driver for ETF outflows. Thursday's reversal came alongside ether's push through $1,700, suggesting some allocators re-entered as spot momentum built into the July 4 close.

ETF Leaderboard

Issuer concentration was the week's cleanest signal. ARK Invest's ARKB and Fidelity's FBTC pulled in a combined $200 million while Grayscale bled across every product line, according to InflowScan data.

Top 5 Weekly Inflows:

  • ARKB (ARK Invest): +$102.5M ↑
  • FBTC (Fidelity): +$98.1M ↑
  • ETHA (BlackRock): +$41.4M ↑
  • MSBT (Morgan Stanley): +$37.1M ↑
  • BTC (Grayscale mini): +$12.9M ↑

Top 5 Weekly Outflows:

  • ETHB (BlackRock): -$38.2M ↓
  • GBTC (Grayscale): -$26.8M ↓
  • GSOL (Grayscale): -$3.3M ↓
  • ETHE (Grayscale): -$0.7M ↓
  • SOLT (Volatility Shares): -$0.4M ↓

Asset-class splits paint the same picture. Bitcoin products drove the aggregate red print at -$525.5M for the week, with XRP funds down -$64.3M. Ether and solana wrappers eked out modest positives at +$9.8M and +$7.4M respectively — a notable disconnect given SOL was the week's best-performing major.

Price Scorecard

Every major posted a green week. Solana led at +15.4%, ether followed at +11.9%, XRP added 8.3% and bitcoin trailed at +5.2%.

  • BTC: $59,474 → $62,546 (+5.2%) | Range: $61,163 – $63,050
  • ETH: $1,569 → $1,756 (+11.9%) | Range: $1,693 – $1,776
  • SOL: $71.28 → $82.27 (+15.4%) | Range: $80.23 – $83.23
  • XRP: $1.047 → $1.133 (+8.3%) | Range: $1.082 – $1.146

Ether's outperformance versus bitcoin is the standout print. ETH/BTC gained meaningful ground on the week, and price acceleration through $1,700 came alongside heavy exchange outflows on the spot side — a pattern historically associated with supply absorption rather than speculative chasing.

Stablecoin Pulse

Dry powder shrank on both majors. USDT supply fell $820 million to $184.0 billion; USDC supply dropped $604 million to $73.3 billion, according to InflowScan data.

A combined $1.4 billion in stablecoin float came off the table as prices rallied. The reduction is consistent with capital rotating out of stables into spot risk assets, though the modest scale relative to total float suggests deployment, not deleveraging.

Week's Top Stories

  • Bitcoin reclaims $62K: The move above the handle drew broad coverage, though several outlets flagged that the underlying flow tape had yet to confirm the price recovery.
  • Ether exchange outflows accelerate: Reports of heavy ETH leaving centralized venues coincided with the 11.9% weekly gain, pointing to supply-side tightening on spot.
  • Strategy income debate: Alex Thorn floated the idea that Strategy should generate income from its bitcoin holdings rather than sell spot BTC — a debate that resurfaces whenever the firm's treasury policy is stress-tested.
  • Cathie Wood buys the crypto-equity dip: ARK's disclosed purchases of crypto-linked equities dovetailed with ARKB topping the weekly ETF inflow leaderboard.
  • SBI exits bitcoin mining pool business: The move adds to the running consolidation story on the mining side of the industry.
  • Cardano +15% on the week: ADA joined the broader alt bid without a clear catalyst, consistent with beta-driven rotation across the top-10.

The Read

The week's cleanest signal is the flow-price divergence. Prices ran hard across every major while the ETF wrappers still leaked capital, driven almost entirely by bitcoin-product redemptions and Grayscale legacy outflows. Thursday's $260 million reversal is the pivot to watch — if next week's Monday–Tuesday sessions build on that print, the July 4 rally will have its institutional confirmation. If flows revert to the Monday–Wednesday redemption pattern, the price recovery will be running on non-ETF fuel alone.