May was rough for BTC and ETH ETFs.

In comparison, SOL had ZERO outflow days for the entire month.
Why BTC and ETH bled ↓
The 10-year Treasury yield went above 4.6% in May, driven by:
• The US-Iran tensions
• Higher oil prices
• Lack of 2026 rate cuts.
When risk-free money pays that much, holding a volatile BTC ETF is a harder sell. Meanwhile, the Nasdaq gained 8.4%, almost all from AI stocks. Institutions were clearly interested in trading AI stocks in May, not crypto.
Why SOL held ↓
The SOL ETF has ~$944M in assets, compared with hundreds of billions in BTC, so it's too small to show up when risk managers trim crypto exposure.
~81% of inflows went into BSOL, @Bitwise's staked SOL version, which pays ~6% on top of price exposure. BTC ETFs only earn from price. BSOL earns from price and staking, so it holds up better when bonds get competitive.
One month, three different stories.