Week in Numbers

Spot crypto ETFs registered a $460,000 net outflow across the five-session week, a sharp reversal from the prior week's +$267.3M intake. The headline figure understates the internal churn: gross issuer flows were meaningfully positive at the product level, but a single Fidelity bitcoin redemption print of -$189.1M ↓ effectively neutralized the week's collective bid, according to InflowScan data.

By asset class, ether products drove the constructive side of the ledger with +$89.8M ↑ of weekly inflows, while bitcoin products bled -$91.5M ↓ on a net basis. XRP funds added +$3.1M; solana products saw a -$1.9M redemption.

Daily Flow Breakdown

The week opened with Monday's -$437.1M ↓ print — the deepest single-session outflow of the month and the number that set the tone for the entire five-day tally. From Tuesday onward, flows flipped constructively: +$216.2M Tuesday, +$157.6M Wednesday, +$62.0M Thursday, and a marginal +$800K Friday.

The four-session recovery clawed back roughly $436M of Monday's damage — a near-perfect offset that left the weekly ledger effectively at zero. The pattern is consistent with concentrated redemption rather than persistent risk-off; standout day was Monday, where FBTC accounted for the majority of the net exit.

ETF Leaderboard

BlackRock's ETHA led the week and captured the largest single-fund intake across all products, extending a multi-week pattern of ether-side accumulation via the issuer.

  • ETHA (BlackRock): +$99.1M ↑
  • BTC (Grayscale mini): +$71.1M ↑
  • IBIT (BlackRock): +$56.7M ↑
  • MSBT (Morgan Stanley): +$7.4M ↑
  • BITB (Bitwise): +$7.0M ↑

On the redemption side, Fidelity's FBTC drove the week's story with an outsized exit that dwarfed every other product movement.

  • FBTC (Fidelity): -$189.1M ↓
  • GBTC (Grayscale): -$54.5M ↓
  • FETH (Fidelity): -$8.2M ↓
  • SOLT (Volatility Shares): -$5.0M ↓
  • ETHE (Grayscale): -$5.0M ↓

The divergence is stark: BlackRock issued into both bitcoin and ether products while Fidelity saw meaningful redemptions across both wrappers. The split suggests fund-of-fund or allocator-level rebalancing rather than sentiment shift, though InflowScan data cannot distinguish primary drivers with certainty.

Price Scorecard

Ether led the weekly majors board despite ETH-side flows being the standout inflow story.

  • BTC: $63,740 → $63,889, +0.2% ↑. Weekly range $62,452 – $64,434.
  • ETH: $1,807 → $1,841, +1.9% ↑. Weekly range $1,801 – $1,871.
  • SOL: $76.87 → $74.98, -2.5% ↓. Weekly range $73.31 – $75.73.
  • XRP: $1.0854 → $1.0884, +0.3% ↑. Weekly range $1.0687 – $1.0964.

The alignment between ETHA's leadership on the flow leaderboard and ether's price outperformance is consistent with flow-driven bid; the bitcoin narrative is messier — price finished flat despite net-negative product flows, suggesting spot demand offset the ETF redemption pressure.

Stablecoin Pulse

Weekly stablecoin supply told a mildly contractionary story. USDT sat at $184.1B, down $47M on the week. USDC held at $73.3B, down $83M, per InflowScan data. Combined, roughly $130M of stablecoin dry powder came off aggregate supply — a modest print that reads more like housekeeping than a decisive risk signal. Sidelined-capital dynamics remain neutral heading into the new week.

FlowScore Check

Friday-close FlowScores rank ether at the top of the majors on flow-momentum: ETH 58.5, SOL 56.8, BTC 53.5, according to InflowScan data. All three sit in the neutral-to-mildly-constructive zone. Ether's lead position aligns with the week's leadership on both flows (ETHA) and price (+1.9%). Bitcoin's sub-55 read reflects the drag from Fidelity's redemption block; a cleaner read on BTC momentum will require next week's flow tape to confirm whether Monday's exit was a one-off allocator print.

Week's Top Stories

  • MiCA licensing accelerates: ESMA approved 14 additional crypto firms under the framework, adding to the year-to-date tally of authorized entities operating across the EU.
  • Tom Lee flags $12,000 ETH scenario: Fundstrat's Lee compared ether's current position to earlier-stage Amazon and Nvidia — headline attention worth noting, though InflowScan treats independent-analyst price scenarios as commentary, not signal.
  • $2T asset manager launches XRP-and-DOGE ETF: a materially new distribution channel for both tokens; watch for early primary-market flow prints in the coming sessions.
  • Plasma One debuts stablecoin account with XPL rewards: layered yield product tied to Aave — of interest to the stablecoin-yield vertical.
  • Large CoWSwap whale rotates 528 ETH after an extended accumulation phase — on-chain color, consistent with the week's ETHA-led product flows.