{"id":6061,"date":"2025-11-14T15:24:29","date_gmt":"2025-11-14T15:24:29","guid":{"rendered":"https:\/\/www.ixfi.com\/blog\/?p=6061"},"modified":"2025-11-14T15:24:29","modified_gmt":"2025-11-14T15:24:29","slug":"weekly-research-key-unlocks-etf-flows-and-on-chain-action","status":"publish","type":"post","link":"https:\/\/www.ixfi.com\/blog\/general\/weekly-research-key-unlocks-etf-flows-and-on-chain-action\/","title":{"rendered":"Weekly research: Key unlocks, ETF flows, and on-chain action"},"content":{"rendered":"
<\/div>\n

It\u2019s been some volatile 48 hours. The market\u2019s recent sideways consolidation came to an abrupt end with a sharp, aggressive sell-off in the last 24 hours.<\/p>\n\n\n\n

Bitcoin<\/a> led the move, falling from a high of around $103,100 to test support near $95,000: a drop of nearly $8,000, or approximately -8.0%. Ethereum<\/a> was hit even harder on a percentage basis, plunging over 12% from its 24-hour high of $3,510 to trade around the $3,100 level.<\/p>\n\n\n\n

When prices move this fast, it\u2019s crucial to look past the noise and see what the on-chain data is telling us. For this weekly update, we\u2019re digging into four key metrics: ETF flows, on-chain growth, network fees, and a big week for token unlocks.<\/p>\n\n\n\n

<\/p>\n\n\n\n

ETF flows: Reading the reaction<\/strong><\/h2>\n\n\n\n

After a sharp drop, the first place we look for institutional sentiment is the spot ETF market. Did they panic-sell<\/em>, or did they see this as a buying opportunity?<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

The data from this week shows a decisive move to de-risk. As the chart shows, November 13th was a day of significant withdrawals, with Bitcoin spot ETFs seeing a massive net outflow of $866.7 million, and Ethereum-based ETFs seeing $259.6 million exit the funds.<\/p>\n\n\n\n

What this tells us is that there was no wait-and-see<\/em> this time. This was a clear institutional sell-off, suggesting that for now, large players are prioritizing capital preservation over buying the dip.<\/p>\n\n\n\n

<\/p>\n\n\n\n

TVL growth: Where did the capital go?<\/strong><\/h2>\n\n\n\n

In a week defined by a sharp, market-wide sell-off, did any ecosystem manage to hold its ground? When we look at the total value locked (TVL) growth over the last 7 days (for chains with over $50M in TVL), the picture is bleak, but with a few interesting exceptions.
<\/p>\n\n\n\n

\n
\"\"<\/figure>\n<\/figure>\n\n\n\n

<\/p>\n\n\n\n

As the chart clearly shows, the sell-off was felt everywhere. The top 10 protocols by TVL are almost all in the red over the last 7 days.<\/p>\n\n\n\n

Big names like Lido<\/a> and EigenLayer<\/a> saw 7-day outflows, showing that even the market leaders aren’t immune to a risk-off move.<\/p>\n\n\n\n

The interesting exception here is Aave<\/a>, which, despite the market drop, managed to post a 7-day TVL gain of nearly 7%. This suggests that during volatility, some capital may move into established blue-chip lending protocols, possibly seeking stability or to take advantage of borrowing dynamics, rather than exiting the ecosystem completely.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Where\u2019s the activity? Following the fees<\/strong><\/h2>\n\n\n\n

If you want to know what users actually value during a sell-off, follow the fees. High fees mean high demand for a service, and this week\u2019s data tells a clear story.
<\/p>\n\n\n\n

\n
\"\"<\/figure>\n<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Unsurprisingly, the data is dominated by stablecoins. Tether ($163.68m) and Circle ($55.22m) generated the most fees. This makes sense: in a market panic, capital floods to safety, and every transfer or swap into stablecoins costs money.<\/p>\n\n\n\n

But the more interesting story is what comes next. The highest-earning activity protocols were derivatives platforms, including Aster<\/a> ($2.65 m) and DEXs like Uniswap<\/a> ($21.02 m). This shows that traders weren’t just running for the exits; they were actively repositioning, managing leverage, and swapping assets.<\/p>\n\n\n\n

We also see lending protocols like Aave<\/a> ($18.33m) high on the list, likely driven by a spike in liquidations and users borrowing stablecoins against their volatile collateral. The fees show a market in full motion.
<\/p>\n\n\n\n

On the horizon: Major token unlocks<\/strong><\/h2>\n\n\n\n

Finally, we look at supply-side events. Next week is a big one for token unlocks, and we’re watching three projects in particular from the list, all of which are tradable on the IXFI spot market.
<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

It’s important to know that unlocks<\/em> don’t automatically mean a price drop, and the chart gives us great insight into this.<\/p>\n\n\n\n