ETF Flows
Spot crypto ETFs registered -$437.4M ↓ in net outflows in Wednesday's settled session, the most recent issuer tape available, according to InflowScan data. Thursday and Friday figures are still settling and will land in next week's briefs. BlackRock's two flagship products accounted for the bulk of the exits, with bitcoin and ether products taking coordinated hits.
The outflows were concentrated. Just three funds produced the entire aggregate redemption, pointing to large-ticket repositioning rather than broad-based retail withdrawal. On the other side of the tape, inflows were thin and scattered — the top three bids totaled barely $10 million.
Top outflows (Wednesday settled):
Top inflows (Wednesday settled):
Coverage was complete for bitcoin (12 of 12 funds), ether (9 of 9) and solana (11 of 11), according to InflowScan data. XRP reporting was partial — 8 of 9 issuers in, with one fund still settling — so the XRP cohort figure should be read as provisional.
Asset Price Analysis
Bitcoin traded at $68,824 early Friday, off -3.6% ↓ on the day and -0.6% ↓ over seven sessions. The 30-day tape remains constructive at +13.7% ↑, meaning this week's drawdown has unwound session-level gains without breaking the monthly trend. Price action is consistent with the IBIT redemption wave rather than a broader sentiment shift.
Ether fared worse in percentage terms, slipping to $1,929.84, down -4.4% ↓ in 24 hours and -3.7% ↓ on the week. The ETHA outflow and the spot move line up directionally. Solana at $78.36 dropped -4.2% ↓ on the session but still holds +9.2% ↑ for the week and +15.6% ↑ for the month — the asset has been the standout on a trailing basis despite Friday's weakness.
XRP traded at $1.01, down -3.4% ↓ on the day but +1.7% ↑ for the week. The token is defending the $1 handle for now; a sustained break below would open the next leg of the November range.
Stablecoin Flows
Dry powder contracted on both major stablecoins, according to InflowScan data. USDC supply fell $492.6 million to $69.4B, while USDT supply slipped $370.0 million to $175.3B. Combined, that's roughly $862.6 million of stablecoin supply burned in 24 hours — consistent with redemption flows out of crypto into fiat rather than rotation within the asset class.
Outlook
Thursday and Friday ETF flow prints will be the key tells when they settle. A second consecutive session of IBIT redemptions at nine-figure scale would reframe this week as sustained repositioning rather than a single large ticket. Levels to watch: BTC at the $68,000 round number, where the 24-hour low sits closest to spot; ETH at $1,900, which has acted as near-term support through the month; and XRP's $1.00 handle. The stablecoin supply trend into next week will indicate whether the sidelined-capital base is rebuilding or continuing to drain.