Week in Numbers

Spot crypto ETFs absorbed +$401.0M ↑ in net inflows across the July 20-24 trading week, a 128% acceleration from the prior week's $175.8 million, InflowScan data shows. The pace was front-loaded: Monday and Tuesday alone accounted for $518.4 million of gross buying, before the tape cooled into Friday's $55.7 million intake. Bitcoin products took the largest share at +$253.5M, with ethereum funds close behind at +$135.3M. Solana and XRP products registered token flows of $5.6M and $6.6M respectively.

The disconnect between flows and price is the week's defining feature. BTC drifted from $64,681 to $64,083 (-0.9%) despite the strongest ETF bid in five weeks, a pattern more consistent with distribution into fund demand than with fresh directional conviction.

Daily Flow Breakdown

Momentum peaked Tuesday and eroded through the back half of the week.

  • Monday Jul 20: +$254.2M ↑
  • Tuesday Jul 21: +$264.3M ↑
  • Wednesday Jul 22: +$114.5M ↑
  • Thursday Jul 23: +$176.2M ↑
  • Friday Jul 24: +$55.7M ↑

Tuesday's $264 million print marked the week's high-water mark and coincided with BTC's weekly high of $65,848. From there, the flow tape decelerated even as prices held their range — Friday's take was less than a quarter of Tuesday's, pointing to fading urgency into the weekend rather than active de-risking.

ETF Leaderboard

BlackRock captured the top two slots on both sides of the ledger split, with ETHA outpacing IBIT for the second consecutive week.

Top 5 weekly inflows:

  • ETHA (BlackRock): +$147.5M ↑
  • IBIT (BlackRock): +$108.7M ↑
  • BTC (Grayscale mini): +$85.3M ↑
  • ARKB (ARK Invest): +$76.7M ↑
  • FBTC (Fidelity): +$34.4M ↑

Top 5 weekly outflows:

  • SLON (ProShares): -$0.8M ↓
  • SOLZ (ProShares): -$0.8M ↓
  • FSOL (Fidelity): -$0.7M ↓
  • GSOL (Grayscale): -$0.6M ↓
  • XRPI (Volatility Shares): -$0.5M ↓

The redemption tape is dominated by small-cap solana products; no bitcoin or ethereum fund posted meaningful weekly outflows. ETHA's $147.5 million topping IBIT is the more analytically interesting datapoint — the ETH complex has now out-gathered the BTC complex on a per-AUM basis for two weeks running, according to InflowScan data.

Price Scorecard

Every major asset finished the week lower despite positive aggregate flows.

  • BTC: $64,682 → $64,083 -0.9% ↓ (range $63,641-$65,848)
  • ETH: $1,871 → $1,860 -0.6% ↓ (range $1,845-$1,911)
  • SOL: $76.33 → $73.90 -3.2% ↓ (range $73.37-$76.40)
  • XRP: $1.099 → $1.091 -0.7% ↓ (range $1.084-$1.122)

BTC held a tight 3.4% weekly range and never lost the $63,600 handle. ETH traded a similarly contained band despite leading the flow table — the divergence suggests spot supply absorbing the ETF bid, rather than fund demand marking prices higher. SOL was the notable laggard, with a 3.2% weekly drop broadly consistent with the small but persistent outflow signature across its ETF wrappers.

Stablecoin Pulse

USDC supply expanded by +$802M to $74.0 billion, while USDT was effectively flat at $184.1 billion (-$26M), InflowScan data shows. The USDC build extends a multi-week pattern of dry-powder accumulation on the regulated-stablecoin side, historically associated with US-hours institutional positioning rather than offshore leverage. The composition — USDC up, USDT flat — is consistent with the ETF flow picture: institutional bid, retail neutral.

FlowScore Check

End-of-week FlowScores clustered in the mid-50s, indicating positive but unremarkable momentum across the majors.

  • BTC: 55.97/100
  • SOL: 53.61/100
  • ETH: 53.18/100

SOL's score sitting above ETH's despite the weaker price performance reflects the flow-normalized construction of the index — persistent small inflows on a smaller AUM base outweigh ETH's larger absolute intake. None of the three prints signal momentum extremes.

Week's Top Stories

  • Grayscale on Fed policy: The issuer published a note framing the next FOMC decision as the potential inflection between a near-term bottom and a drawdown extending into October.
  • CoinShares lists BTC mining UCITS ETF on Deutsche Börse: expands European access to the mining-equity theme via a regulated wrapper.
  • Bitcoin Policy Institute joins State Department Freedom Tech program: alongside Palantir and Anduril, signaling continued policy-side institutional overlap.
  • Capital Group's SMALLCAP World Fund raises Strive stake to 2.93 million shares, per the disclosure.
  • Hoskinson flags quantum risk: comments framed bitcoin governance, not cryptography, as the harder problem.