Week in Numbers

Spot crypto ETFs absorbed +$203.8M ↑ in net inflows across the July 6-10 trading week, a sharp reversal from the prior week's $576.9 million in redemptions, according to InflowScan data. The swing lands the complex back in positive territory after a rough end to June, though the pace decelerated as the week progressed. Ethereum products edged bitcoin at the asset-class level: ETH +$105.0M versus BTC +$101.2M. SOL and XRP products barely moved either direction.

Daily Flow Breakdown

Monday did the heavy lifting. The week opened with +$272.0M ↑ in net creations — enough on its own to cover the full week's positive tally with room to spare. Tuesday added another +$60.9M ↑ before the tone shifted midweek.

  • Monday Jul 6: +$272.0M ↑
  • Tuesday Jul 7: +$60.9M ↑
  • Wednesday Jul 8: -$86.2M ↓
  • Thursday Jul 9: -$48.7M ↓
  • Friday Jul 10: +$5.8M ↑

The Wednesday-Thursday drawdown of roughly $135 million erased about 40% of the early-week haul before Friday stabilized. That cadence is consistent with front-loaded allocator activity rather than a sustained bid — a pattern historically associated with month-start rebalancing rather than trend-following.

ETF Leaderboard

Concentration at the top was extreme. BlackRock's IBIT alone accounted for +$196.5M — nearly the entire week's net figure — with Grayscale's BTC product adding +$94.9M. On the Ethereum side, Fidelity's FETH led at +$72.3M, followed by BlackRock's ETHA at +$36.6M.

  • IBIT (BlackRock): +$196.5M ↑
  • BTC (Grayscale): +$94.9M ↑
  • FETH (Fidelity): +$72.3M ↑
  • ETHA (BlackRock): +$36.6M ↑
  • MSBT (Morgan Stanley): +$13.2M ↑

Outflows were shallow and diffuse — the largest weekly redemption was GSOL at just -$2.1M, followed by ETHV, QSOL, SLON, and UXRP, none exceeding $1.2 million. The pattern points to positioning rotation within alt-product wrappers rather than any coordinated de-risking.

Price Scorecard

Price action diverged sharply between majors and mid-caps. Bitcoin opened the week at $63,580 and closed at $64,122, a +0.9% ↑ gain, holding the $64K handle after tagging $64,727 intraweek. Ether traded a similar path: $1,784 → $1,795.92, up +0.7% ↑, capped below $1,812.

Solana and XRP told a different story. SOL fell from $81.60 to $78.06, a -4.3% ↓ weekly loss with a $77 low. XRP shed -4.5% ↓ to close at $1.1038, unable to reclaim $1.12. The split between BTC/ETH strength and SOL/XRP weakness lines up with where ETF flows landed — the majors got the wrapper bid, the mid-caps did not.

Stablecoin Pulse

Dry powder barely budged. USDT supply rose +$2M to $184.1B — essentially flat. USDC added +$345M to reach $73.3B, a modest expansion but nothing that would signal aggressive sideline capital building. InflowScan data shows total stablecoin float held roughly steady, consistent with a week of positioning shuffles rather than fresh capital deployment. Binance USDT outflows of $913M in a 24-hour window during the week point to redemptions off exchange rather than net supply contraction.

FlowScore Check

End-of-week InflowScan FlowScores show ETH out front at 55.51, reflecting the marginal edge Ethereum products carried in weekly creations. SOL sits at 51.54 despite negative price action, suggesting the flow picture is less bearish than spot suggests. BTC prints 50.29 — squarely neutral, which understates the $101M inflow tally and points to the score being dragged by mixed intraweek daily readings. XRP lags at 41.45, the only major reading below the neutral line.

Week's Top Stories

  • Yen carry trade warning: Bitfinex research flagged the yen carry unwind as "the clearest macro risk to bitcoin" — a reminder that BTC's summer path remains tethered to global funding conditions, not just US ETF flows.
  • Ethereum node vulnerability: AI security agents flagged a bug that could crash any Ethereum node via a single message. No exploitation reported, but the disclosure adds an infrastructure risk to watch.
  • Binance USDT outflows: $913M in 24-hour USDT outflows from Binance drew attention midweek, though on-chain aggregates suggest the supply moved rather than contracted.
  • Short-term holder cost basis: On-chain data indicates BTC short-term holders sit roughly 15% underwater, with the report noting selling pressure is easing — a setup historically associated with late-consolidation phases.
  • Ethereum energy footprint: Post-merge annualized energy use pegged at 7.87 GWh, a data point the ETH ecosystem continues to reference in institutional positioning materials.