Digital asset ETFs showed mixed but generally improving performance, with the strongest daily gains concentrated in Solana and Ethereum products, while Bitcoin ETFs posted more moderate advances and XRP products remained under pressure. Solana ETFs were the standout performers, with most gaining roughly 2.8%–3.2% on the day, while leveraged products amplified those moves to around 6%. Ethereum ETFs were also broadly positive, generally rising around 1.6%–2.0%, although the category remains weaker over the past week.
Bitcoin ETFs moved higher on the day, with major spot products including IBIT, FBTC, GBTC, BITB, ARKB and HODL gaining roughly 0.6%–0.8%. Despite the daily rebound, most remain down about 1% over the past week. Longer-term performance has been considerably stronger, with many spot Bitcoin ETFs up approximately 19% over the past month and three months. Fund flows were weaker, however: the Bitcoin ETF group recorded roughly $316 million in net one-day outflows among products reporting flow data. IBIT accounted for about $144 million of outflows, while FBTC lost roughly $53 million and ARKB approximately $84 million.
Ethereum ETFs experienced a stronger price rebound, averaging roughly 2% gains across products with reported daily returns, but they continue to show greater short-term volatility than Bitcoin products. The category was down more than 4% on average over the past week, while one-month returns were close to 30% on average. Despite the strong longer-term performance, reported Ethereum ETF flows were negative on the day, totaling roughly $243 million in net outflows.
Solana was the strongest digital-asset ETF category in the file, averaging roughly 3.5% in daily gains across products reporting returns. One-month performance was also particularly strong at roughly 38% on average, highlighting Solana’s recent momentum despite slightly negative performance over the past week. In contrast, XRP ETFs remained the weakest group on the day, declining roughly 0.5% on average and nearly 7% over the past week, even though their one-month returns remained strongly positive.
Overall, the data points to a short-term rebound in higher-beta digital assets, particularly Ethereum and Solana, while Bitcoin is recovering more moderately. At the same time, continued outflows from major Bitcoin and Ethereum ETFs suggest that the improvement in prices has not yet been matched by consistently positive investor flows, leaving a notable divergence between market performance and ETF demand.
U.S. equities are positioned to extend Thursday’s strong post-Fed rebound, with Nasdaq 100 futures up 0.56%, S&P 500 futures up 0.28%, and Dow futures up 0.16% early Friday. The positive tone follows a broad rally Thursday, when the Dow gained 0.62%, the S&P 500 rose 1.14%, and the Nasdaq advanced 1.69%. Technology was the strongest-performing sector, gaining 2.20%, followed by Consumer Discretionary at 1.43%, while nearly every major sector finished higher. Market breadth was also strong across both the NYSE and Nasdaq. However, Friday’s quarterly options and futures expiration could lead to increased trading volume and greater intraday volatility.
The broader market environment is being supported by lower Treasury yields and declining oil prices. The 10-year Treasury yield fell eight basis points Thursday to 4.93%, pulling back after briefly moving above 5% earlier in the week. WTI crude also continued to decline, falling toward $100 per barrel, as rising inventories, increased Saudi shipments through Oman, and higher Chinese refined-product exports ease some of the recent pressure on energy markets. Gold, meanwhile, was relatively unchanged at approximately $4,384.50.
Technology remains a key area of strength heading into Friday’s session. Alphabet, Nvidia, Intel, Micron, AMD, and Arm were all trading higher premarket as investors returned to semiconductor and growth exposure following recent AI-related volatility. Intel was particularly strong following reports that SK Hynix is exploring U.S. memory-chip production with the company. Crypto-linked equities are also participating in the broader risk-on move, with Coinbase, Robinhood, and Strategy higher premarket as Bitcoin rebounds toward $78,000.
There are still pockets of weakness. Xenon Pharmaceuticals fell sharply after temporarily pausing new enrollment in certain clinical studies following reported neurological and psychiatric side effects, while Nucor declined after forecasting third-quarter adjusted earnings below Wall Street expectations. Energy stocks also face a softer commodity backdrop as WTI continues to retreat, reducing some of the geopolitical premium that had supported crude prices.
Investors will now focus on August industrial production, capacity utilization, Fed commentary, and the Conference Board Leading Economic Index for additional clues about economic momentum and the interest-rate outlook. The document notes that the Fed’s September projections continue to point toward additional tightening, while markets assign roughly a 55% probability of another quarter-point rate increase at the October meeting.
