Stablecoin Flood, BTC Off-Exchange, Solana ETFs Surge

Crypto investment products saw about $360 million in net outflows last week, with Bitcoin ETPs suffering roughly $946 million in redemptions while Solana-focused ETFs, including Bitwise’s staking product, drew about $421 million. On-chain data show large stablecoin accumulation and off-exchange flows: Binance logged roughly $7 billion in net stablecoin inflows (about $5B USDT and $2B USDC), and exchanges have shed roughly 209,000 BTC over the past six months as holders moved assets to self-custody. The combination of heavy stablecoin dry powder and declining exchange BTC supply suggests significant buying capacity that could be deployed into spot markets. Institutional activity continued amid the weakness: BitMine purchased about 82,353 ETH (near $300 million), bringing its holdings to more than 3.39 million ETH. Macro remarks from Fed Chair Jerome Powell left investors uneasy even as markets reflected a rate cut, contributing to volatility and a rotation into staking and altcoin products.