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.
BTC-3.54%
ETH-5.44%
SOL-4.99%
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