Crypto enters the new week in a more complicated position than price alone suggests. From May 11 to May 15, Bitcoin spot ETFs recorded $1 billion in net outflows, ending a six-week inflow streak and pushing the 7-day average of U.S. spot ETF net flow to -$88 million per day, the largest outflow since mid-February. Ethereum ETFs also saw $255 million in outflows, while XRP and SOL funds attracted $60.5 million and $58 million, respectively. The market is splitting. 

Bitcoin and Ethereum are seeing institutional de-risking into strength near the upper end of their ranges, while stablecoins and select altcoin vehicles continue to absorb capital. Stablecoin market capitalization is sitting near a record above $323 billion, keeping deployable liquidity inside crypto. The core question for the week ahead is whether ETF selling is a temporary rebalance after a strong run or the first sign that institutional allocators are fading the rally.