Lookonchain
Spot Bitcoin ETFs shed 942 BTC (~$72.66M) on May 21, capping a seven-day stretch of 15,915 BTC (~$1.23B) in net outflows. Spot Ethereum ETFs fared worse on a percentage basis, dumping 15,222 ETH (~$32.44M) in a single day and 114,871 ETH (~$244.79M) over the week.
Why it matters
The combined BTC + ETH ETF outflow of roughly $1.47B over seven sessions is the heaviest sustained drawdown since the early-year rotation, and the fact that both legs bled in tandem points to broad-based de-risking across institutionally-accessible crypto exposure rather than a coin-specific unwind. Ethereum's relative outflow intensity — the ETH product is losing a larger share of AUM per day than the BTC book — is the more telling signal: institutional desks are not just trimming, they are rotating out of ETH faster than BTC.
Market impact
Against that tape, spot Solana ETFs absorbed another 8,312 SOL (~$723K) on the day and 203,326 SOL (~$17.69M) over the week, extending a streak that has now pulled fresh capital into the SOL product even as BTC and ETH vehicles emptied. The divergence is small in absolute dollars but structurally notable: the SOL complex is being treated as a relative beneficiary while the two majors get sold. Watch the next daily print — a second consecutive week of sub-$100M combined BTC+ETH outflows would mark the first material cooling of the drawdown, while a return to neutral or positive BTC flows would be the cleaner reversal signal.
Frequently asked questions
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How much did spot Bitcoin and Ethereum ETFs lose in the week ending May 21?
Spot Bitcoin ETFs shed 15,915 BTC (~$1.23B) and spot Ethereum ETFs shed 114,871 ETH (~$244.79M) over the seven sessions, for a combined outflow of roughly $1.47B.
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Did Solana ETFs see inflows during the same week?
Yes. Spot Solana ETFs added 203,326 SOL (~$17.69M) over the seven-day window, including 8,312 SOL (~$723K) on May 21 alone, extending their inflow streak.
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Why is the ETH outflow intensity notable?
The ETH product lost a larger share of AUM per day than the BTC book, which points to institutional rotation out of ETH faster than BTC rather than a uniform trim across both majors.
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What would signal that the ETF drawdown is cooling?
A second consecutive week of combined BTC+ETH outflows below $100M would mark the first material cooling, while a return to neutral or positive daily BTC flows would be the cleaner reversal signal.
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How do the May 21 daily figures compare to the weekly totals?
On May 21 alone, spot BTC ETFs shed 942 BTC (~$72.66M) and spot ETH ETFs shed 15,222 ETH (~$32.44M), with spot SOL ETFs adding 8,312 SOL (~$723K) on the same day.
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