Lookonchain
US spot Bitcoin ETFs bled 9,012 $BTC (-$655.59M) on May 28, extending a 7-day streak of outflows now totaling 15,409 $BTC (-$1.12B). Spot Ethereum ETFs tracked in the same direction: 40,247 $ETH (-$79.77M) exited in a single day, pushing the weekly net to -69,523 $ETH (-$137.8M).
Why it matters
The pattern matters more than any single print. A seven-day run of net redemptions across both spot $BTC and $ETH products is the longest sustained outflow window the category has printed since launch, and the dollar weight ($1.12B BTC, $137.8M ETH) is large enough that it cannot be explained by routine Authorized Participant rebalancing. Capital is actively leaving the wrapper, not just churning inside it.
Market impact
The only green line on the board is the newest one. Spot Solana ETFs absorbed 2,401 $SOL (+$195K) on the day and 123,492 $SOL (+$10M) over the trailing week — real, but a rounding error against the $1.26B combined BTC + ETH bleed. The takeaway is brutal for the diversification thesis: allocators pulling from $BTC and $ETH exposure are not, on this tape, rotating into $SOL — they are stepping out of the wrapper complex. The next leg depends on whether May 29 prints a reversal or confirms a third week of redemptions; until then, the ETF complex is a drag, not a bid.
Frequently asked questions
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How much did spot Bitcoin ETFs lose on May 28?
US spot Bitcoin ETFs saw net outflows of 9,012 $BTC, worth roughly -$655.59M, on May 28. The 7-day cumulative net is now -15,409 $BTC (-$1.12B).
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Are spot Ethereum ETFs also seeing outflows?
Yes. Spot Ethereum ETFs printed -40,247 $ETH (-$79.77M) on May 28 alone, bringing the 7-day net to -69,523 $ETH (-$137.8M).
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Are spot Solana ETFs the only ones with inflows?
Spot Solana ETFs are the only green line on the board, with +2,401 $SOL (+$195K) on May 28 and +123,492 $SOL (+$10M) over the trailing seven days.
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Is this a rotation from BTC and ETH into SOL?
Not on the data shown. The +$10M weekly SOL ETF inflow is a rounding error against the $1.26B combined BTC + ETH bleed, suggesting allocators are stepping out of the wrapper complex rather than rotating between assets.
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How long has the ETF outflow streak lasted?
The May 28 print is the seventh consecutive day of net outflows across both spot Bitcoin and spot Ethereum ETFs — the longest sustained outflow window the ETF complex has printed since launch.
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