Crypto ETF flows were broadly negative over the past week, with Bitcoin ETFs seeing an estimated ~$300–$350M in net outflows week-over-week, led by IBIT (-$224M) and continued redemptions across products like FBTC (-$66M)and GBTC (-$38M), partially offset by smaller inflows in select funds. Despite this, Bitcoin ETF prices were modestly positive on the week, generally up ~1.5%, indicating price resilience amid capital outflows. Ethereum ETFs experienced a more pronounced shift, with roughly ~$250M+ in weekly net outflows, driven בעיקר by ETHA (-$228M), while other products showed mixed but comparatively muted flows; ETH ETF prices outperformed BTC, rising ~3.5–4.8% on average. Outside of the majors, Solana, XRP, and other altcoin-linked ETPs (where available) showed limited but generally weaker participation, with flows remaining relatively small and inconsistent, reflecting lower institutional engagement. Overall, the data points to a risk-off rotation in ETF flows despite modest price gains, with capital exiting large flagship products even as underlying assets stabilized or moved higher.
Crypto markets softened over the past week, with price action and derivatives positioning reflecting a modest cooling in risk appetite despite some resilience in underlying network activity.
On-chain data for Bitcoin presented a mixed picture. Network participation eased, with 30-day active addresses declining to 11.6 million and the number of high-value addresses (> $10M) also ticking lower. However, this was offset by continued strength in network fundamentals: miner revenue rose to $222.4 million and hash rate climbed to fresh highs, underscoring sustained security and operational investment in the network. Exchange flows remained negative, signaling ongoing net outflows, albeit at a slower pace than the prior week. Meanwhile, open interest declined to $37.6 billion, suggesting some deleveraging across derivatives markets.
Ethereum showed slightly stronger user engagement, with active addresses increasing to 17.5 million. However, similar to Bitcoin, large-holder address counts declined and open interest fell to $22.5 billion, indicating reduced speculative positioning. Exchange flows were relatively muted, pointing to a more neutral stance among market participants.
Across the broader market, activity levels continued to trend downward. Seven-day average exchange volumes fell to $24.6 billion, extending a multi-week decline, while total crypto market capitalization slipped to $2.40 trillion. This combination suggests a continued contraction in trading activity and capital deployment.
Price performance reflected this softer backdrop. Bitcoin declined 2.5% on the week to $66,935, while Ethereum was relatively flat, down just 0.2% to $2,055. Among large-cap altcoins, downside pressure was more pronounced, with BNB, Solana, and Hyperliquid posting losses between 7–10%. DeFi tokens such as Uniswap and Aave also underperformed, each falling over 10%. Notably, TRON and Sky bucked the trend, posting modest gains and demonstrating relative strength in an otherwise risk-off environment.
Overall, the market is exhibiting signs of consolidation. While core network fundamentals—particularly for Bitcoin—remain constructive, declining derivatives exposure, softer exchange volumes, and reduced large-holder activity point to a more cautious near-term outlook. Directional conviction appears limited, with capital rotating selectively rather than broadly re-entering the market.
Looking ahead, sustained strength in on-chain activity alongside a stabilization in derivatives positioning will be key indicators to watch for a potential reacceleration in market momentum.
- Data – Last Price, 7D % changes, Fully Diluted Valuation
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- Bitcoin (BTC) $66,935 / (2.5%) / $1405.63B
- Ethereum (ETH) $2,055 / (0.2%) / $248.04B
- XRP (XRP) $1.32 / (3.1%) / $131.66B
- BNB (BNB) $583.24 / (7.1%) / $79.53B
- Solana (SOL) $78.93 / (8.5%) / $49.22B
- Hyperliquid (HYPE) $35.25 / (9.6%) / $33.9B
- TRON (TRX) $0.32 / +1.3% / $29.88B
- Uniswap (UNI) $3.16 / (10.1%) / $2.84B
- Aave (AAVE) $94.05 / (10.5%) / $1.5B
- Sky (SKY) $0.074 / +5.5% / $1.7B
