Week in Numbers

Spot crypto ETFs logged -$372.3M ↓ in net outflows across the four-session week, a $1.46 billion swing from the prior week's $1.09 billion inflow. The reversal broke a two-week run of accumulation and marked the first negative weekly print since mid-August, according to InflowScan data. Bitcoin products bore the entire burden of the redemptions; ethereum, solana and XRP funds all netted positive on the week.

Daily Flow Breakdown

The week opened soft on Tuesday with -$75.3M ↓ in redemptions, staged a one-day bounce Wednesday at +$25.6M ↑, then broke down materially Thursday with -$208.2M ↓ — the week's worst session and roughly 56% of the total drawdown. Friday extended the bleed with -$114.4M ↓ as bitcoin failed to reclaim the $78,000 handle into the weekly close.

Thursday was the story. The $208M single-day exit landed as BTC broke below $78,000 intraday and coincided with the low-tick of the weekly range at $76,000. The pattern — heaviest redemptions clustered around the price low — is more consistent with reactive de-risking than with structured rotation, InflowScan data shows.

ETF Leaderboard

The week's flow ledger tells a clean divergence story: every top-five inflow was an ethereum product, and every top-five outflow was either bitcoin or solana.

Top weekly inflows:

  • ETHB (BlackRock): +$37.1M ↑
  • FETH (Fidelity): +$31.2M ↑
  • ETHW (Bitwise): +$29.1M ↑
  • MSBT (Morgan Stanley): +$19.7M ↑
  • BSOL (Bitwise): +$6.7M ↑

Top weekly outflows:

  • ETHA (BlackRock): -$8.9M ↓
  • BTCO (Invesco): -$4.8M ↓
  • GSOL (Grayscale): -$1.2M ↓
  • SLON (ProShares): -$0.7M ↓
  • SOLT (Volatility Shares): -$0.6M ↓

One wrinkle worth flagging: BlackRock's ETHA sits atop the outflow list even as three other ethereum products lead the inflow board. That points to intra-issuer repositioning within the ETH complex rather than a directional call against the asset.

Price Scorecard

Bitcoin opened the week at $80,339 and closed at $77,208, down 3.9%, with an intraweek range of $76,000 to $79,948. The failure to reclaim $80,000 after Monday defined the week's tone.

Ethereum was the standout on relative performance, closing effectively flat at $2,514 against a $2,432 low and a $2,668 high. That resilience — flat price with net inflows on the week — is a cleaner tape than either BTC or SOL delivered. Solana closed at $102.45, down 3.8% and having briefly broken the $100 handle during the week before recovering. XRP fared worst of the majors, off 4.7% to $1.356.

The BTC-ETH performance gap widened to roughly 400bps on the week, the largest weekly spread in favor of ETH since early July, InflowScan data shows.

Stablecoin Pulse

Stablecoin supply was largely inert. USDT added $182M to reach $183.5B, and USDC shed $174M to $74.2B — a net wash across the two majors. The absence of a meaningful build in dry powder during a 3.9% BTC drawdown is worth noting; historically, aggressive dip-accumulation weeks show USDT/USDC supply expansion in the $500M-$1B range. This week showed none of that.

FlowScore Check

End-of-week FlowScores show solana leading at 66.5/100, ethereum at 59.9/100, and bitcoin at 54.9/100. The ordering is consistent with the weekly flow tape — SOL and ETH holding positive flow momentum while BTC's score reflects the $461M outflow drag. BTC's reading remains above the 50 neutral line, indicating flow momentum has weakened but has not turned outright negative on a trailing basis.

Week's Top Stories

  • ETH squeezes past $2,600 on CPI print — the mid-week CPI reaction drove the weekly high before ethereum gave back the move by Friday.
  • Solana tokenized equity volumes hit $684M — record on-chain trading in tokenized stocks; Grindr's SOL-listed shares traded nearly 2x their NYSE volume in 24 hours.
  • Ethereum sets October 6 for Glamsterdam Sepolia fork — testnet activation ahead of the mainnet upgrade, keeping the ETH catalyst calendar in view.
  • Blockstream rejects ransom in ~600 BTC hack — the firm confirmed the missing coins remain unrecovered; no downstream exchange flow impact observed.
  • Solo miner takes $244K block reward after 40-day drought — a reminder of tail-risk variance in solo mining economics.

Setting Up Next Week

The week closes with BTC below $78,000, ETH flat on the week with positive fund flows, and stablecoin supply flat. Watch the $76,000 BTC level that held twice during the week; a clean break lower without a matching stablecoin build would extend the flow-negative posture. On ETH, the divergence between price resilience and multi-issuer inflows is the setup to track — if flows persist and BTC stabilizes, the relative-strength trade has a runway. Monday's session will show whether Thursday-Friday's redemptions were a one-week reset or the start of a broader repositioning phase.