Week in Numbers

Spot crypto ETFs bled -$316.8M ↓ across the five-session week, a sharp reversal from the prior week's +$1.05B of inflows, according to InflowScan data. The swing — roughly $1.37 billion week-over-week — coincided with a broad softening in spot prices, with bitcoin down 2.9% and XRP off 3.0%.

Bitcoin products drove the bulk of the exits. BTC-linked funds shed $325.2M on the week per InflowScan data, more than offsetting modest inflows into SOL (+$14.6M) and XRP (+$0.9M). Ether products lost $7.2M, a comparatively muted move against the backdrop of ETHA's single-fund redemption.

Daily Flow Breakdown

Outflows built steadily through the week rather than arriving in a single capitulation session. Monday opened with -$114.1M ↓, Tuesday nearly flat at -$3.9M, then pressure resumed with -$71.7M ↓ Wednesday and a week-high -$126.4M ↓ Thursday. Friday's tape stabilized at -$0.7M, essentially flat into the weekend close.

Thursday's print stood out as the session where selling accelerated. The pattern — persistent, mid-sized daily redemptions rather than one outsized exit — is more consistent with programmatic rebalancing and profit-taking than with an event-driven de-risking, though InflowScan data alone cannot fully separate the two drivers.

ETF Leaderboard

Fund-level flows showed a clear split: legacy issuer products absorbed inflows at the margin while the largest bitcoin vehicles led the exits.

Top weekly inflows

  • BTC (Grayscale): +$76.5M ↑
  • BSOL (Bitwise): +$8.8M ↑
  • MSBT (Morgan Stanley): +$7.1M ↑
  • FETH (Fidelity): +$5.9M ↑
  • SOLT (Volatility Shares): +$5.6M ↑

Top weekly outflows

  • IBIT (BlackRock): -$23.8M ↓
  • ETHA (BlackRock): -$17.0M ↓
  • HODL (VanEck): -$10.4M ↓
  • BTCO (Invesco): -$7.9M ↓
  • SLON (ProShares): -$0.6M ↓

Grayscale's flagship BTC trust topping the inflow board while BlackRock's IBIT led the outflow board is a rare configuration. The reversal likely reflects fund-specific rotation and secondary-market arbitrage flows rather than a broader shift in issuer preference, based on InflowScan's read of the week's tape.

Price Scorecard

Every major asset finished lower. Bitcoin opened the week at $64,849 and closed at $62,975 (-2.9% ↓), trading in a tight $62,468–$63,648 range for most of the second half. Ether slipped 1.5% to $1,880, holding above the $1,862 low. Solana closed at $75.33 (-1.1% ↓), and XRP was the week's laggard at $0.9986 (-3.0% ↓), losing the $1.00 handle into Friday's close.

Price and flow moved in the same direction across BTC and ETH, which is the base case when passive vehicles carry a large share of marginal demand. The tighter intraweek ranges — bitcoin's high-to-low was under 1.9% — point to positioning digestion rather than trend acceleration.

Stablecoin Pulse

Dry powder ticked marginally higher on net. USDT supply rose +$969M ↑ to $183.0B while USDC contracted -$304M ↓ to $72.0B, per InflowScan aggregates. The net +$665M stablecoin expansion during a week of spot ETF outflows is a mild positive-tension signal: sidelined capital is not fleeing the on-chain rails even as fund-wrapper demand softened.

FlowScore Check

End-of-week FlowScores finished mid-range across the board. Solana led at 54.2/100, followed by bitcoin at 48.2, ether at 45.6, and XRP at 40.6, according to InflowScan data. SOL's relative standing is consistent with the small but positive weekly flow into SOL products, while XRP's sub-41 reading aligns with its weakest price performance in the group.

Week's Top Stories

  • White House crypto meeting — President Trump is expected to attend a meeting with crypto CEOs, per CoinDesk, keeping regulatory optics in focus into next week.
  • Tether audit — KPMG signed off on Tether's US reserves, showing a $6.8B surplus over liabilities. USDT's $969M weekly supply expansion may partly reflect improved counterparty confidence.
  • Cboe leveraged ETF filings — Cboe filed for SEC approval of 3x bitcoin and ether ETFs, extending the product-shelf buildout beyond spot vehicles.
  • MSCI vs. Strategy — Strategy (MSTR) pushed back on MSCI's plan to remove it from global indexes, a decision that could reshape passive exposure to bitcoin-treasury equities.
  • Ethereum cryptography shift — Ethereum is stepping away from its long-standing cryptographic assumption after proof-system tradeoffs shifted, a foundational protocol development flagged by CryptoSlate.