Week in Numbers

Spot crypto ETFs ended a two-week outflow streak, pulling in +$251.3M ↑ on the week, per InflowScan data. That reverses the prior week's $560.8M in redemptions but masks a split tape: bitcoin products absorbed $518M; ether and solana funds together shed $270.5M. Price action didn't follow the flow. BTC slipped -1.1% ↓, ETH -1.0% ↓, and SOL -1.2% ↓ across the five sessions, consistent with rangebound tape rather than directional conviction.

Daily Flow Breakdown

The week was front- and mid-loaded. Monday opened with +$412.5M ↑, Wednesday added +$445.7M ↑, and those two sessions did essentially all the heavy lifting. Tuesday posted a modest -$14.6M ↓, and the back half softened materially: Thursday registered -$568.2M ↓ — the week's single-session low — followed by Friday's -$24.0M ↓.

Thursday's exit effectively absorbed the Monday-Wednesday bid. The pattern — bid early, hit late — is consistent with position-trimming into the weekend rather than fresh capitulation.

ETF Leaderboard

Concentration was extreme. BlackRock's IBIT captured +$656.3M ↑ on the week — more than the aggregate net flow across the entire complex and roughly 127% of total BTC inflows, meaning other bitcoin products net-leaked. The runner-ups came in a different weight class.

  • IBIT (BlackRock): +$656.3M ↑
  • FETH (Fidelity): +$14.3M ↑
  • ARKB (ARK Invest): +$9.8M ↑
  • BITB (Bitwise): +$8.9M ↑
  • BTC (Grayscale): +$8.0M ↑

On the exit side, the pain was spread across ETH and SOL product lines:

  • ETHB (BlackRock): -$18.0M ↓
  • BSOL (Bitwise): -$17.6M ↓
  • ETHE (Grayscale): -$11.9M ↓
  • GSOL (Grayscale): -$6.0M ↓
  • FSOL (Fidelity): -$1.8M ↓

Ether funds bled a net $249.7M on the week, with BlackRock's ETHB leading. Solana products shed $20.9M, with Bitwise's BSOL alone accounting for the bulk. XRP products added a token +$3.9M ↑.

Price Scorecard

All four majors finished red in a tight band. BTC opened at $82,007 and closed at $81,078, printing a weekly high of $82,102 and failing to defend the $82K handle after Tuesday. ETH ran $2,407 to $2,384, capped below $2,418. SOL traded $104 to $102.71, with resistance at $105.24 holding each attempt. XRP closed at $1.2953, down 0.8%.

The disconnect between IBIT's $656M bid and BTC's 1.1% decline points to passive-channel rebalancing rather than discretionary conviction — flows that move AUM but not price. The Thursday redemption spike coincided with the week's low tick around $80,401, consistent with forced selling into weakness.

Stablecoin Pulse

Dry powder shrank on the week, per InflowScan aggregates. USDT supply slipped -$935M ↓ to $182.5B, and USDC lost -$496M ↓ to $72.0B — a combined $1.43B contraction in on-chain dollar float. Historically, back-to-back weekly drawdowns in both majors have been associated with cooling spot demand rather than fresh fiat deployment waiting on the sidelines.

FlowScore Check

Friday's close left all three majors clustered near neutral, per InflowScan's FlowScore. BTC leads at 51.67, barely above the midline. ETH sits at 48.27, SOL at 46.93 — the first time in three weeks both altcoin scores print below 50. The spread between BTC and SOL (4.74 points) is the widest since early October, suggesting rotation inside the complex has favored bitcoin at the expense of higher-beta names.

Week's Top Stories

  • Ethereum delays Glamsterdam testing after 13 contracts triggered concerns, pushing the upgrade timeline right and adding to ETH-specific overhang.
  • OCC publishes new stablecoin redemption rule, resetting the bank-side mechanics for USDC-type instruments. The policy shift lands as stablecoin float contracts for the second straight week.
  • Aave adjusts USDT borrowing parameters, with loan costs jumping on the change. Elevated stablecoin borrow rates have historically been associated with leveraged basis unwinds.
  • Blockstream opens Lugano office and launches an institutional consulting arm, extending the European build-out among BTC-native infrastructure firms.
  • Linked wallets attributed to the "$18 ETH buyer" registered sales of roughly 6,000 ETH over the week, adding to the supply-side headline flow around ether.

Outlook: What to Watch

Three data points frame the week ahead. First, whether IBIT's bid broadens into FETH and ARKB — a complex-wide BTC inflow would read differently than a single-issuer story. Second, whether ETH outflows ease now that Glamsterdam uncertainty is public; another $100M+ redemption week would push the 30-day cumulative into deeper negative territory. Third, stablecoin float: a third consecutive weekly contraction in USDT and USDC would tighten the sidelined-capital picture at exactly the moment price action is testing support at BTC $80,400 and ETH $2,349.